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Car Installment Take Over In Gauteng
If you have no credit or have been blacklisted, consider finding a facilitator for car installment take over in Gauteng. Facilitators that offer this service offer various vehicles to purchase or lease. As long as you qualify, you can effectively 'take over' payments for the vehicle in question. Learn more about the process below.
How It Works
Blacklisted loan lenders or facilitators purchase cars from previous owners who have outstanding payments. This includes repossessed vehicles and vehicle surrenders. Once they own the vehicles, they leased the cars or trucks out for short-term leases or for buyers to pay installments on for purchase. These companies essentially take over the installments by paying off the loan (or settling with the finance house), and then sell the car to someone else. It's a for profit business, but if you need a car and have the funds, you can get one.
Why Buy or Lease This Way
Having no credit or bad credit is a big reason that many people lease or purchase cars this way. However, interest rates are very high and so are any loan fees. In addition to this, you might need a deposit, which usually ranges from R1 500 to R3 000. Some companies do not require a deposit, but this is up to the individual facilitator.
Though you don't need credit to get a take over loan, there are still requirements. Many facilitators require that you make a certain salary each month. Most vehicles require a deposit, payable upon signing the lease or loan contract. When signing a contract, you must have an ID, last three months of bank or pay statements, proof of current employment with an employer where you worked for at least three months and the deposit. Make sure you can afford the payments, which often include an insurance premium.
Finding a car installment take over in Gauteng is not hard. Just browse the local classifieds to see the different lenders and facilitators that offer this service. Read over their requirements carefully before signing a contract. Also, make sure you have all of the required documents and the deposit before trying to purchase or lease the vehicle in question to avoid a wasted trip.