Joe Soap walks into Wesbank, has a wallet full of notes, a bank account that looks incredible and has just sold his beamer cause now he wants to buy himself a brand spanking new BMW 5 Series.
He fills in his car finance application form, gives a copy of his ID, 3 months bank statements and a copy of his latest salary slip. 3 days later Joe gets a call from Wesbank car finance, "Dear Joe, I'm afraid to inform you that your application for vehicle financing has been declined".
Joe swears for about 5 minutes, being Italian at all the saints as well and then decides to go ABSA Vehicle Finance. Same process waits another 3 days, phone call arrives and Joe's been declined again, sorry no vehicle finance.
This continues for about 3 months until Joe's been declined at every financial institution in the country. Joe ends up going to a personal loan broker and spending ridiculous amounts for cash on a personal loan to finance the vehicle.
What was Joe's issue?
Possibility one, is that Joe has been listed on the bureau's. The Credit bureaus supply the country with information regarding credit profiles and credit histories for people who have applied for and received credit at a South African institution.
To clear this Joe would need to contact the ITC or Experian credit bureaus and get hi name removed from the credit bureau listings.
For more information contact the NCA @ 0860 627 627.
Stay tuned for more on what effects your credit applications for vehicle financing
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