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Why do Lenders Need to Check My Credit When I Apply for a Car Loan?

If you’ve never applied for a car loan before, the lender or broker will always conduct a credit check. They use automated tools to view your credit history and assess whether they will lend money to you. Sometimes you’ll also have to bring supporting documents like payslips, residential history or bank statements. That seems like a lot of information. So why do they perform the extra check?

Refinancing Car Loans With Bad Credit

There’s a little known fact about bad credit car loans that saves people time, money and their credit rating – it is in fact possible to refinance your bad credit car loan after a certain amount of time. If you’ve been paying off your car loan on time and in full each repayment period, you could be eligible to refinance your car loan at a more competitive interest rate. In some cases, you could be getting a “prime” interest rate if your credit has improved significantly.

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