Bad credit car loans with low monthly repayments: are they possible?

By Angela Monroe - March 20, 2018

People who have a bad credit profile often worry about getting a car loan because of high monthly repayments. This is somewhat true with most lenders offering high interest rates on bad credit car loans here in Australia.

There are certain ways you can get a bad credit loan with low monthly repayments. The best way to do so is to get a guarantor or co-signer for your bad credit loan. If your guarantor has a good credit history, then your loan application should get approved without too many problems.

However, even without a guarantor, there are ways to obtain a bad credit car loans with low monthly repayments. If you can prove to lenders that you are financially responsible, or if you can show some viable income, some lenders will be willing to offer you offer you a low interest car loan.

If you don’t have a guarantor and you’re looking for a bad credit loan, then you need professional consultants. Professional car finance consultants such as Loans for People with Bad Credit can help you acquire a car loan much more easily.

How we can help you with a car loan

Our professional consultants work with people looking for car loans with low monthly repayments every day. In most cases, we can help people acquire bad credit car loans without too many problems. We have access to several loan products in the market offered by different lenders.

Moreover, we know just what lenders are looking for before approving a bad credit loan application. When you hire us, we’ll get your bank statements in order, focus on your financial strengths and negotiate with lenders. We don’t work just as brokers, but we work as professional consultants who will match you with the right lender. By choosing us, you’ll tremendously increase your chances of obtaining a bad credit loan with low monthly repayments.

Why we’re the best choice for you

We’ve successfully helped many people acquire car loans on bad credit with low monthly repayments. Most people who approach us come with different circumstances. As such, we approach every client individually to offer the best advice for their personal situation.

Here are some case studies of how we’ve helped people like yourself acquire bad credit car loans.

Case Study 1:

Amelia Smith approached us for help with a car loan. At 28 years, Amelia has a steady job, but her past financial records were not so strong. Amelia had managed her unsecured debt poorly which led to her suffering from a bad credit profile. We helped Amelia approach the right lender for her situation. We showed the lender that her current financial position was stable. Also, we showed that Amelia had been managing her finances very responsibly over the past three years. By negotiating with the lender, we helped Amelia get a new car soon after.

Case Study 2:

Sam Williams is another person who needed a car loan. Aged 43, Sam is a struggling artist who needs to get around town to promote his work. However, because of the lack of steady income over the years and unemployment, his credit profile is very poor. He does enjoy Centrelink benefits and also some other forms of irregular income. We helped Sam acquire a car loan with low interest. We did this by approaching the right lender and showing Sam’s Centrelink benefits as viable income. We also showed that Sam did not have much existing debt and soon the lender was convinced. Today, Sam is able to drive around and promote his work better.

These case studies show that we can help anyone, regardless of individual circumstances. We always focus on how to best show that our clients are financially responsible to lenders. This is how we can also help you acquire a bad credit loan with low monthly payments.

The best ways of obtaining lower interest rates

At Loans for People with Bad Credit, our consultants know the best ways of obtaining lower interest car loans. Some of the ways we can help you obtain a bad credit loan with low monthly repayments include:

  • We help you consolidate your financial statements and focus on your financial strengths. We always show lenders that you are financially responsible and that you have some form of income.
  • We help you get your bank statements in order and review them for any errors. Error-free financial statements can also help you obtain a car loan with lower interest.
  • We work closely to understand your current situation and then suggest the best course of action. Not all lenders offer low interest car loans to everyone. We know which are the right lenders to approach.
  • Getting a lower interest rate on your car loan finally comes down to negotiation. We negotiate with lenders on your behalf for a lower interest rate on your car loan.

Typical interest rates

You should be aware that the interest rates for bad credit car loans are usually higher than normal car loans. Typically, the interest rates for normal car loans in Australia vary from 5-8%. On the other hand, interest rates for car loans on bad credit can range anywhere between 5-45%.

Interest rates are always dependent on your personal financial situation. Also, interest rates vary from one lender to another. While one lender may offer you a low interest car loan, their criteria for approving the loan may be strict. Conversely, another lender may offer you a high interest car loan without too many criteria. It all comes down to finding the right lender, and you can do this with the help of professional consultants.

Apply for a car loan with low monthly repayments today!

Even if you have bad credit, you can still acquire a car loan with low monthly repayments. All you need to do is to approach us at Loans for People With Bad Credit. Our professional car finance consultants will assess your situation and connect you to the right lender.

Talk to one of our bad credit car loan specialists today!

Angela Monroe
Angela Monroe is the Community Manager at The Positive Group, specialising in giving people the information that they need when they need it, and putting you on the path to a fair financial future. She has 8 years of experience in helping Australians find the right finance solutions, and regularly contributes articles to empower Australians with the knowledge they need to become financially healthy.

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