Bad Credit Car Loans

There are many lenders who specialise in providing loans to customers who have had issues in the past and they can be a great option to help you get back on the road.

Why use an online broker?

Many online brokers specialise in providing bad credit car loans. This means they generally have access to multiple lenders who are willing to try and find a solution even if a customer has less than perfect credit. Using the services of an online broker often means you can match you profile and individual situation with a lender before making a formal application. This allows you to gather more information on individual lenders criteria before making a formal application which can avoid unnecessary hits to your credit file. You should ensure the broker you are dealing with holds an Australian Credit Licence which authorises them to provide credit assistance on loans.

What information will I need to provide?

In addition to providing standard information for a loan application it is a good idea to gather additional information to support your application if you have bad credit. This could include documents that verify your income and expenses such as payslips and bank statements. If you are aware of the reasons as to why you have bad credit it is also a good idea to talk through the circumstances with your broker.

What happens if I have been declined before?

This simply means that you failed to meet the individual lenders criteria. This may not have been a lender that specialises in bad credit car loans or your application was not put up correctly. Working with a professional broker that has access to many lenders allows you to align your profile and individual circumstances to a lender who is more sympathetic to your individual needs. A professional broker will also ensure your application is presented to the lender correctly which will boost your chances of getting the right decision first time.

How can I be successful in getting approved for a bad credit car Loan?

Ensure the new loan matches your circumstances and profile and you can comfortably meet the new repayments within your budget. A deposit of some description may also be useful but is not essential for an approval. The car you are buying could also determine the outcome as a lender would prefer to lend on a new car with a manufacturers warranty than a much older car which may require more maintenance and put additional pressure on the borrowers budget. Before applying you should ensure your finances are in order and you are able to supply supporting information to support your application such as payslips and bank statements.