Does being blacklisted prevent you from getting car finance? It can, but it is not permanent. You develop a bad credit history by frequently missing your monthly payments or by frequently over spending on your credit card. When you pursue behaviour like this you give banks and loan providers the indication that you are irresponsible with your money, and this is not appealing to them for obvious reasons. When it comes time to borrow money banks will look at your credit history and either reject your vehicle loans applications or offer you loans but at a very high interest rate. Neither of these is appealing, so if you are on the path to bad credit, then here are some solutions for you before it is too late.
The first thing to do now that you know the answer to the question ‘does being blacklisted prevent you from getting car finance?’ is probably ‘yes’ is to get a credit check. This can be done at most banks and loan providers for little or no cost and is good preparation for you before you try to apply for vehicle loans. If you find that your credit history is bad, then you will need to evaluate your next steps. Solutions such as going for debt counselling and taking out debt consolidation loans are both positive indicators to your bank that you plan to change your financial behaviour. If they still reject your application to borrow money, the next options are applying at other banks, or re-assessing your need for a new car.
Your financial record is dynamic and changes based on your latest actions. Being blacklisted is a serious financial problem, but it need not mean the end of your hopes of buying a car. If you start to act proactively you can rest assured that you will change the answer you last received when you asked ‘does being blacklisted prevent you from getting car finance?’