For many individuals looking to buy a car, there are a number of options available. While in the not-so-distant past, buying a car meant that you had to have an impeccable credit record, with a large deposit as well, nowadays individuals have access to a range of options.
If you have a poor credit record, there is no denying the fact that it becomes a lot more challenging to get access to finance or other forms of credit. Buying a car was often out of the question, until recently, with the introduction of no finance options.
One financial institution that is driving the trends in this industry is No Finance Cars.
No Finance Cars- what does it mean?
No Finance Cars offers you the chance to rent to buy a late model, quality tested and checked pre-used car or bakkie without having to go through a bank to apply for a loan, with no interest.
The Rent-to Buy option lets individuals pre-own a car by renting it for a fixed period, usually over 54 months.
On the positive side, there is no interest or any hidden costs involved.
Monthly costs are fixed for the duration of the rental period, meaning that you are able to budget and plan ahead, knowing exactly how much you have to pay.
There are no restrictions on your monthly mileage.
You have the option to upgrade your car after 18 months.
The contract is flexible and can be terminated at any point.
Mechanical breakdown cover is provided.
You are welcome to apply for No Finance Cars even if you have a poor credit history.
The application is simple and can be completed online or by calling 010 040 3009.
What are the minimum qualifying criteria?
- Have a deposit
- Earn a minimum of R12 000 gross per month
- Have a valid South African drivers’ licence