Car Finance While In Arrears Somewhere

[Jayextreme]

I have a quick question. Can I get a car finance while I'm in arrears on only account? Like maybe owing around R20 000. But I have another account that is up to date on installments.

 

[Steamy Tom]

why on earth would you make more debt when you can't afford what you already have?

 

[ShaunyCT]

Even if you blacklisted for R10 that you owe to any financial Institute your vehicle finance won't be approved. Unless you doing it a dodgy place.

 

[supersunbird]

I have a quick question. Can I get a car finance while I'm in arrears on only account? Like maybe owing around R20 000. But I have another account that is up to date on installments.

You get a thing called a credit profile, the various credit bureaus will each create a credit profile of their own for you. Your credit paying behavior gets score, indicating whether you are low, medium or high risk to lend to. If you are high risk you will get highest interest rates or credit declined. One account paid up to date won't cancel your arrear account behavior.

 

[Jayextreme]

why on earth would you make more debt when you can't afford what you already have?

I got laid off at some point due to company restructuring. It doesn't mean I can't afford that. But it'll take me 3 months max to settle and I wanted to make see if I'll score a car deal before

 

[Steamy Tom]

I got laid off at some point due to company restructuring. It doesn't mean I can't afford that. But it'll take me 3 months max to settle and I wanted to make see if I'll score a car deal before

if you cant afford to pay the debt you have, you can't afford it, kla boet.

 

[supersunbird]

I got laid off at some point due to company restructuring. It doesn't mean I can't afford that. But it'll take me 3 months max to settle and I wanted to make see if I'll score a car deal before

Your car deal, if successful, might not have a good an interest rate if your credit report scoring is not good, so it won't be "scoring a car deal", just getting one.

Do you even know how your current credit reports and scoring looks?

From another thread:

Tymecoach.co.za

Yeah good option, and has not caused any spam yet. My score is 702.

Can also get your free (or paid-for reports with scoring) from the below websites:

Transunion (have to pay for scoring, free report doesn't have scoring):
https://mytransunion.co.za/

Experian (free report has scoring):
https://www.creditexpert.co.za/

XDS (free report has scoring):
http://www.credit4life.co.za/

Compuscan (have to pay for scoring, free report doesn't have scoring):
https://www.mycreditcheck.co.za/

For a paid credit report that checks XDS, Transunion and Experian at R79 you can go to any Checkers or Shoprite MoneyMarket counter or you can do it online:
http://www.kudough.co.za/shoprite_partner.aspx

I see I can check my free Experian one again in beginning April. I have spread my 4 x free ones out and get one every 3 months.