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A credit rating is used to categorise customers in very broad terms of their creditworthiness. 1 star reflects a very weak credit score, and is often referred to as 'sub prime'. A 5 star credit rating applies to those with a very low risk of defaulting. Most people fall in the 3 star credit rating category- the average.
Your credit score is your credit report boiled down to one number. A credit score is a statistical measure of your creditworthiness, on a range of 0-1000 where 0 is awful and 1000 is excellent. The average credit score is 750 out of 1000.
In simple terms, your credit score directly relates to the probability that you will successfully maintain the credit that you are applying for.
To be competitive on interest rates, a lender is likely to need to know how much risk they are taking on, so will only lend to customers who score more than a certain credit score - known as a 'cut off score'. They will automatically accept those applicants who have credit scores in excess of their determined cut-off score, and will decline all others.
Different lenders have different cut-off scores, and can vary them depending on how hungry they are for new business, and how much risk they are prepared to take.
Car finance allows you to purchase a car when you don't have the cash to pay upfront. If you have found it hard to obtain credit in the past, then take a look at the different car financing options below.
As with any form of credit its important to make sure you can afford the agreed monthly repayment, as well as the day to day running costs of keeping the car on the road. Failing to meet your repayments could mean the vehicle is repossessed and is likely to harm your credit rating. Paying on time each month will help to improve your credit score over time.
If you know your credit rating, select it by hovering your mouse over the panel to the right and clicking on the appropriate rating. If you don’t know your credit rating, click the button to calculate it for free. This will match up your rating with lender appetite to give you the best chance of success with your application.
Drive away a new car today! Borrow up to R200,000 and repay it over a period that suits you. The application process will take no more than 3 minutes to complete and you could receive the funds within just a few hours. Receive an instant decision online. Good or bad credit accepted. Let Mazuma do all the hard work to find you a loan.
Representative example: assumed borrowing of R15,000 over 15 months at a fixed rate of 28% per annum and a fee of R68.40 per month and initiation fee of R1,197 would result in a representative rate of 68% APR (fixed), total amount repayable is R22,717
Apply for vehicle finance, even if you are blacklisted. Loan SA will provide finance on vehicle models from 1999 – 2014 or later. The application process only takes 5 minutes to complete and you will receive an instant decision. There’s also no need to submit any documents as the entire process is done online. Initiation fee of R150 per agreement plus 10% of the amount of the amount borrowed in excess of R1000 – Initiation fee will never exceed R1000.
EasyCarFinance are one of South Africa's biggest vehicle finance brokers. They compare a wide range of financial products from various banks to get you the best deal. Depending on your credit rating you can borrow from as little as R35,000 to R2,000,000 with the option to spread it over 2 -6 years keeping your monthly payments as low as possible if necessarily. In order to qualify you must earn more than R6,500 per month, have a clear ITC record and should be in possession of a valid RSA ID Book. No deposit required and finance can be approved in just a few hours. Blacklisted applicants not accepted.
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