Inflation is on the rise and the economy is shaky. These days falling into debt is all too easy and when it becomes overwhelming, your purchasing power becomes limited. It is a common belief that if you are under debt review, you won't be eligible for car finance but that is not 100% true. If you need a car, there are option and routes you can take to get it.

Debt review is a tool whereby people work with a debt counsellor to establish a payment plan to eradicate a person's debt. It also offers you protection from creditors and repossession of your assets. The debt counsellor designated to you will lobby for lower repayments and interest rates on your behalf and will ensure that you will have enough money left after your payment to afford to maintain a basic lifestyle.

Since you're only being left enough money to survive, how can you afford to finance a car? Being under debt review, most financial institutions will not help you because you'll be seen as a high risk and the objective of debt review is to deplete your debt, not create more. So, what do you do? Either you can wait until your debt has been cleared or you can find a car company that offers a rent-to-buy option.

It is fairly easy to find and get a rent-to-buy deal and doesn't require a credit check to be done. As long as you have the deposit and first month's payment, you are eligible. When you choose a rent-to-buy agreement, this means that you will be able to buy the car at the end of your lease period for a smaller fee than normal because you have been slowly paying it off during your lease. This means that you will have to weekly payments, rather than monthly, which can put a strain on your finances. However, you will not be charged any interest on your payments due to the frequency of them.

There are some downsides to consider, such as the lack of warranty. If something happens to the car during your lease, it is up to you to fix it. Fixing cars is a costly process these days and since you're already under debt review, this may be a big problem for you. There is also the issue of late payment fees. If you make a payment too late, you will have to pay a fee, which is not going to make your financial situation any better.

Being under debt review doesn't mean that you can't get a car, but you definitely have to assess whether a rent-to-own agreement is a viable option for you. While it is great there is no credit check or interest on payments, the weekly payments and absence of a warranty puts a lot of pressure on you. Research as much as you can so you can make an educated decision.

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