Want to buy a repossessed vehicle on auction, but afraid you will not qualify for vehicle financing? Here are some basic tips you can follow in order to get a good credit track record.
Establish a good credit score: Without you even knowing it, your bank is keeping an eye on your payments and non-payments. These are being recorded, which make up your credit score.
Do not exceed your repayment limits: The bank will establish what percentage of your salary you can spend per month, ensuring that there are sufficient funds in case the interest rate rises.
Save for a sufficient deposit: The bigger deposit you can guarantee the bank, the better chance you have of that vehicle finance being granted.
Avoid preventable debt: This is the most important factor. Pay your current debt off as soon as possible, and avoid more debt.
To view repossessed vehicles on auction, visit www.mycars.co.za. The perfect car for your needs is listed there. Feel like getting rid of that extra debt?