Blacklisting is a term that indicates that someone has a poor credit rating based on negative information on their credit record. This will affect the individual’s ability to get further credit. While it may be challenging to get car finance when you are blacklisted, it isn’t impossible. Car loans for blacklisted people with no deposit are offered by some lending institutions. Having bad credit simply means that you will be charged higher interest rates by such institutions. You may be able to get approval for a car loan even if you don’t have a deposit to put up.
Many lenders may provide loans based on the security offered by the vehicle. So if you default on your car loan, the lender simply repossesses the vehicle.
Most lenders who provide credit to individuals with bad credit will recommend that you make regular payments for at least 12 months or more before they consider refinancing you.
If you are a blacklisted individual and you are looking for a car loan, it’s always advisable to compare quotes from several lenders. You may not always qualify for finance from the first lender that you apply to.
Xcelsior Loans is a financial institution that specialises in providing car loans for blacklisted individuals.
Xcelsior offers a unique loan model that is particularly advantageous to clients who are not considered credible by mainstream financial institutions, who are in need of car loans.
The institution does not require credibility from loan applicants, but collateral is required in the form of moveable assets. The process is transparent, so there are no hidden costs involved. You won’t have to undergo any credit checks when applying. Xcelsior simply relies on your ability to repay the loan based on the asset that you pledge as surety.