Bad credit is a common concern among many Australians, which is why various car loan brokers provide financing solutions suited for all kinds of situations.
Purchasing a car when you have bad credit can be an immense challenge, not to mention that you don’t know which company you should trust. Nonetheless, before taking the leap and making a decision in this direction, there are some aspects you should take into account.
When you decide to buy a car, no matter if new or used, most probably you will need finance. As not many people have saved enough money to pay for it, loans are very popular in Australia. But what do they involve?
One of the main questions of any Australian who wants to purchase a car is whether to buy a new or a used one. When it comes to this type of investment, the debate is endless. Moreover, if you are interested in buying a car, most probably your friends overwhelm you with numerous pieces of advice.
If you dread having your car loan application rejected because of your bad credit, you should know that having a bad credit is not that uncommon. While it’s not the end of the world to have a bad credit, still, it can complicate things for you quite a bit, be it the case you need a loan, such as car finance. Ideally, you’d have time to get your bad credit sorted out, but what if you don’t have that luxury? In that case, you need some tips on how to secure a bad credit car finance deal in 2016.
When applying for a car loan, your credit history will be thoroughly investigated. Your credit history has to indicate that you are a reliable borrower, who is most likely to repay the loan. Factors which carry a lot of weight in obtaining a car loan are: your income, your assets, your bill payment record, whether you’re paying a mortgage, or you’re living in a rented place.
If you work for yourself, the banks and lenders look at you as if you’re a bigger risk. You might make a good income and enjoy the freedom of a self-employed or entrepreneur lifestyle. That comes with a drawback. Many lenders and banks will reject your car finance application just because you don’t have a regular, fixed income. But there are options out there for freelancers, contractors, self-employed business owners, full-time investors and entrepreneurs like you.
There’s not much worse than going into a broker or lender and finding out you’ve been rejected for a car loan. If you have bad credit and are fretting about finding car finance, you may scour the internet for a way around a credit check. At last – you find it! No Credit Check Car Loans. If you believe they’re a ticket to a car loan, you’re in for a bumpy ride.
The first question many people discharged from their bankruptcy is whether they’ll be approved for finance again – not just car loans but all types of loans. Finding a lender who will take on an ex-bankrupt or an ex- Part IX Loan Agreement holder seems impossible.