Getting a car can be difficult when you are blacklisted. Banks often decline vehicle finance applications because of a poor credit record.
However, you may still have another option.
SA Motor Lease offers rent to buy cars for qualifying applicants who need a vehicle with no finance from a bank. You can apply even if you are blacklisted, under debt review or have a low credit score.
What does no finance mean?
No finance means that you do not apply for a traditional vehicle loan from a bank.
Instead, SA Motor Lease offers a rent to buy car subscription. You rent the vehicle for an agreed period and make a monthly payment.
This is not a bank finance agreement. It is also not a traditional vehicle loan.
Your agreement will usually run for 48, 54 or 60 months. At the end of the term, you may have the option to buy the car for R100. However, you must meet all the conditions of your agreement first.
Therefore, no finance does not mean that there are no costs. You will still need to pay an initiation fee and your monthly rental.
Can blacklisted people apply for a car?
Yes. Blacklisted people can apply for the SA Motor Lease Rent to Buy Programme.
You can also apply if you are:
- Under debt review
- Struggling with a low credit score
- Unable to get bank finance
- Building a new credit history
- Declined by a traditional lender
A poor credit record does not always lead to an automatic decline. Instead, SA Motor Lease reviews your current income and affordability.
However, approval is not guaranteed. You must still meet the application requirements.
How does the Rent to Buy Programme work?
The application process is simple.
First, view the available vehicles on the SA Motor Lease website. Then, choose a car that matches your needs and monthly budget.
Next, complete the online application. You will also need to submit the required documents.
The SA Motor Lease team will review your application. They will check your income, documents and monthly affordability.
If your application is approved, you will need to pay the required initiation fee. You will also pay the first month’s rental.
After that, you can collect your vehicle.
What do you need to apply?
You will need to provide several documents when you apply.
These may include:
- A valid South African identity document
- A valid driver’s licence
- Proof of income
- Recent bank statements
- Proof of your residential address
You must also earn enough to afford the monthly rental (A R17 000 net salary).
Your income requirement may depend on whether you apply alone or with your spouse (R24 000 net salary). The cost of your chosen vehicle will also affect the assessment.
For this reason, it is important to choose a car that suits your budget.
No finance does not mean no affordability check
A no finance rent to buy car is not the same as a car with no checks.
SA Motor Lease still needs to confirm that you can afford the monthly payment. Therefore, the team may review your income, expenses and bank statements.
This process protects you from taking on a vehicle that may be too expensive.
It also helps SA Motor Lease place you in a car with a suitable monthly payment.
What is included in your monthly rental?
The monthly rental includes several important vehicle costs.
These include:
- Damage and theft waivers
- Vehicle tracking
- Annual vehicle licensing
As a result, you do not need to arrange these services separately.
This can make your monthly vehicle costs easier to manage. You will know what you need to pay each month.
However, some costs are not included. For example, you will still need to budget for fuel and other costs listed in your agreement.
Make sure you read the full agreement before collecting the car.
Benefits of getting a car with no finance
A rent to buy car can help when bank finance is not available.
You do not need a perfect credit score
You can still apply if you have a poor credit record. SA Motor Lease considers more than your credit score.
You do not apply through a bank
The programme is not a traditional vehicle finance product. Therefore, you do not need approval for a bank vehicle loan.
You get a set monthly payment
A fixed monthly rental can make budgeting easier. You can select a car that matches what you can afford.
Important costs are included
Insurance waivers, tracking and annual licensing are included in your rental.
You may own the car at the end
You may have the option to buy the vehicle for R100 after the full term. However, all agreement conditions must be met.
What vehicles can you choose from?
SA Motor Lease offers different vehicles based on current availability.
The fleet may include:
- Small hatchbacks
- Family sedans
- SUVs
- Bakkies
- Automatic vehicles
- Manual vehicles
Vehicle prices and initiation fees can differ. In addition, availability can change.
Therefore, check the latest vehicle listings before you apply.
Choosing a more affordable car may also improve your chance of passing the affordability assessment.
Is a rent-to buy car right for you?
A rent-to-buy car may suit you if you need reliable transport but cannot get bank finance.
For example, you may need a vehicle to travel to work. You may also need a car for your family or small business.
Before you apply, make sure you can afford the full monthly payment. You should also plan for fuel and other running costs.
Most importantly, read the terms of the agreement. This will help you understand your responsibilities.
Apply for a car with no finance from a bank
Being blacklisted does not mean that you must remain without a car.
SA Motor Lease gives qualifying South Africans another way to access reliable transport. You can apply for a rent-to-buy vehicle with no finance from a traditional bank.
Applications are considered from people who are blacklisted, under debt review or have a low credit score.
You will still need to meet the income and affordability requirements. However, you do not need a perfect credit record to apply.
View the available SA Motor Lease vehicles and start your application today.
Frequently asked questions
Can I apply if I am blacklisted?
Yes. SA Motor Lease accepts applications from blacklisted people. However, you must still meet the income and affordability requirements.
Is this a vehicle finance agreement?
No. The SA Motor Lease Rent to Buy Programme is not a bank finance product. It is a vehicle rental agreement with a possible end-of-term purchase option.
Do I need a good credit score?
You do not need a perfect credit score to apply. SA Motor Lease will review your income, documents and affordability.
Can people under debt review apply?
Yes. People under debt review can apply. However, each application is assessed before approval.
Will I own the car at the end?
You may have the option to buy the vehicle for R100 at the end of the term. All payments and agreement conditions must be met.