When you default on a loan payment on more than one occasion, you are liable to be blacklisted. If a financial institution goes to the extent of acquiring the payment from you by a court judgment or sequestration, it can seriously damage your credit history.

Most people are aware of the consequences of getting blacklisted and therefore take precautions against such an eventuality. However, sometimes things can go terribly wrong and despite their best efforts, people are unable to prevent a negative entry in their credit record. Once that happens, they would find that obtaining a new car loan or home loan could be extremely difficult.

TransUnion and Experian are the two major Credit Bureaus that operate in developed as well as developing nations around the world. A wide variety of organizations like major banks, micro-lending companies, telecommunications companies, and retailers refer to the financial records of customers maintained by these credit bureaus. If you have a bad credit history, it would be listed in their records, and most financial institutions would come to know of it by referring to these credit bureaus.

Especially since the credit crunch from 2008 onwards, banks have been strict on issuing car loans to people with bad credit history. Fortunately, there are a few companies that have come forward with financial products to help blacklisted people acquire a car loan.

These companies can help people who have been denied car finance because of their blacklisted status. On other occasions, people might not be able to get loans since they are self-employed or they have never had a debt before. Even such people can get car finance through these financial products.

Although these companies are ready to give you a helping hand financially, they also want to know if you can really afford payments for your car in your current financial situation. They would require you to apply for pre-approval and make an initial deposit of a certain amount of money. After pre-approval, you would again have to make another deposit and furnish copies of documents like personal ID, driver's license, pay slip, proof of address and bank statements.

Once your application is approved, you can take possession of your car by making another payment as prescribed by the service. You need not allow a few black marks in your past affect your current and future financial matters. With a little help from financial institutions that have specific products for blacklisted people, you can put your financial life back on track.

If you would like to learn more about car finance for blacklisted people, visit http://www.carfinanceforblacklistedpeople.co.za/ and apply for car finance right away.

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A car loan application is a fairly easy process. A car loan application can even be taken over the phone. The whole process will take about 15 to 20 minutes. You will be required to give your personal information, this will include:

· Your full name as it seems on your driver's license

· Current address (you will need to give three years history)

· Contact phone number

· Date of Birth

· Number of dependents

· Drivers license number and expiry date

· Email address

· Current housing situation (owner, mortgage, renting, boarding)

· Mortgage agent if home owner

· Current occupation and time spent there

· Name and address of current employer

· Phone number and contact details of employer

· Income

· You will also need to provide current pay slips

· Any current or previous loan commitments and the amount borrowed

· The name of your banking institutions

· Supply name, address and phone number of two references not living with you

· Details of goods being purchased

· Type of purchase (Private sale or Dealer sale)

· Loan structure ( amount of months you wish to pay loan off)

· You will then be asked questions relating to previous or current lending history including any defaults, court judgements or a current or discharged bankrupt

· If there is a second applicant the broker will need to speak to the other borrower and obtain their personal information also

· You will also be asked if you will allow a credit check to be carried out

The broker may ask other questions about your car loan application and all of this is necessary as the lender requires this to identify you and also to prove your ability to repay the loan over the period of time allocated. Living expenses are also taken into consideration and a certain amount of your weekly salary is allocated for this. Once you have all of the information required your car loan application can be submitted by the finance broker to the lender. If the customer has a clean credit history and can service the car loan to the satisfaction of the lender an approval can be instantaneous. Once copies of pay slips and your identity has been verified you are able to go shopping for your new car. If any other information is required by the lender your finance broker will contact you and request this information prior to your car loan application being approved. Your finance broker will keep you informed throughout the entire process. I hope this information has been helpful with the knowledge of what information you need on hand when doing a car loan application.

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