Car Loans for People with Bad Credit
The majority of lenders in Australia realise, understand and appreciate that those with bad credit still need access to car loans.
Help finding car loans for people with bad credit
Sometimes bad credit can’t be helped. It can be due to your employment status or you’re new to Australia. Or you can possibly haven’t built up a substantial history. Sometimes, it can be the result of poor decisions and bad financial management. Whatever the reason is, reputable lenders are often prepared to give a second chance in need of a car loan.
How can you help yourself?
Take these steps to help you get started.
You’ll need to make sure that your application is filled out, and submitted correctly. Take a bit of extra time to double-check that you’ve given the lender everything that they require, and answered all questions as honestly and with as much information as possible. If you try to hide any element of your previous credit history, it’s likely your lender may find out and your application will likely be declined.
Try and ensure that your banking records are as impressive as possible. If you’re looking to get a car loan with bad credit, you really do need to show the lender that you are able to live within your means – this could mean that you need to take some time to work out a monthly budget and consider setting aside some money to save rather than spend.
Although it’s not always easy to coincide the two, it will really help your case if you have a current, stable job whilst you’re applying for a car loan with bad credit. This will demonstrate to the lender that you have a set salary coming in each month and that you will be able to honour the commitment of paying back a loan on a regular basis.