Category Archives: Car Loan Tips

Personal loans with bad credit can be a challenge

Any sort of bad credit history can have quite an impact when it comes to qualifying for any sort of finance. The impact is even greater for individuals looking for a personal loan. It is best to be prepared and take the time to understand the products on offer. What you are offered may not necessarily be what it seems. Unsecured personal loans Banks have very strict criteria when it comes to qualifying for an unsecured personal loan. Borrowers with any hint of a bad credit history, even those who have now paid out prior defaults, may find it difficult to qualify for an unsecured personal loan with a bank. Non-bank organizations such as GE or other finance companies tend to follow bank lending guidelines when it comes to unsecured credit. Then there are small on-line lenders or lenders...

Bad credit car finance – what you should know!

Bad credit car finance may become essential for anyone from a new borrower who has no credit history at all in Australia to a individual who has had some credit problems in the past but has now recovered and is on top of things. How much deposit is needed Although bad credit home loans always require a sizable deposit the same is not necessarily true of car finance. While having a deposit can certainly improve your chances of car loan approval and may even reduce the loan costs, a deposit is not necessarily essential. There are lenders in Australia who can offer 100% car finance. Full Doc or Low Doc Even bad credit borrowers have a choice of applying for a full doc or a low doc car loan. Full doc loans may require payslips and bank statements for...

Should you trust your car finance provider?

This is not a question that enters the mind of many car finance seekers. However if you have been declined car finance in the past, and have tried numerous lenders/brokers with no success, you should be on guard if you find someone who is able to assist where everyone else has failed. There is no such thing as a secret lender who is only known to a single finance broker. Most brokers have access to the same finance providers when it comes to bad credit car finance. Anyone who is having some doubts about a finance approval needs to consider the following: Lender license/accreditation When in doubt it is a good idea to verify that the lender you are dealing with holds the necessary license and accreditation to offer loans in Australia. Especially if you have had little...

Car finance after a Part 9 debt agreement

A debt agreement can happen to anyone. Things that are completely outside of your control can easily set events into motion that may do untold damage to your credit standing and ability to manage debt. For some individuals the only way of getting out of unaffordable debt is to either declare bankruptcy or enter a part 9 debt agreement. Both are government regulated programs to help individuals manage unaffordable debt. Once an agreement is reached with the majority of your creditors, its details are recorded by a credit reporting agency on your credit report. Potential lenders will know that individuals have entered into a debt agreement and the details thereof. Creditors can use this information in order to make a decision on whether to extend credit to an individual. Unfortunately qualifying for finance during a debt...

Bad credit car loans explained

It can be very daunting knowing that you require some car finance while being aware that you are not exactly a premium borrower as far as most lenders are concerned. We are frequently asked what does it take for a bad credit borrower to qualify for finance? The answer is always that it very much depends on the extent and age of the bad credit, as well as the income and equity position of the borrower at the time of the loan application. Despite being declined for finance by a bank, you may well qualify for a car loan with a bad credit specialist, however much depends on the stability of your overall financial situation today. Bankruptcy or Part 9/10 Debt Agreements To qualify for can finance the borrower needs to be discharged from the above statuses. It does...

Car loan approval despite bad credit

One of the first questions that you get asked by a lender when making any application for finance, is about your credit history. Where you know that your credit history has problems, honesty is really the best policy. Lenders will ultimately run a credit check as part of the application for finance process. If you withheld information, you have simply wasted everyone's time. Do not assume that if you tell the lender nothing about your credit history problems that they will not discover them. What about car finance and bad credit? Some incidence of bad credit will not preclude you from qualifying for car finance. However do not ever assume that a lender that advertises "bad credit ok",  will accept any bad credit application. Ability to qualify will depend on a number of factors including the lender...