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?
Bad credit can be a weight on people’s shoulders when they try to find car finance. It doesn’t have to be. Using our tips, you can get approved for car finance even if you have credit issues. You might even save yourself a whole lot of money.
If you have bad credit and no deposit and need a car, don’t despair. You can still get behind the wheel even if mainstream lenders have rejected your applications. Some lenders are prepared to lend up to 1.5 times the value of the vehicle you intend to purchase. This means you can also finance insurance and other costs associated with buying a vehicle.
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.
Banks and other lenders reject people for finance due to a number of different factors. These people are often refused because they have defaulted on loans, were late in paying bills or have just run into bad luck. Others may have no credit history. What this all adds up to in the eyes of financiers is risk.
If you think it’s impossible to find a parking space in Sydney and hate the fact you’ll pay huge prices if you ever find one – you aren’t alone.
An NRMA report has revealed that parking in Sydney is almost twice as expensive than busy San Francisco, California and has a third less parking spaces per 1000 CBD employees.
The Mazda CX-5 is the diesel compact SUV by which all others judged. Rugged, luxurious and pushed by an aggressive marketing campaign – does the Cherokee live up to the hype? More importantly, can reigning monarch Mazda match it?
If you have bad credit you may think buying from a private seller is all but off limits to you. You may feel lenders will restrict you to licensed dealer sales. The fact is some lenders will allow you to purchase vehicles from private sellers.
Shopping around for a great finance deal means sifting through tons and tons of numbers and terms you may have trouble with. Interest rates are straightforward, but what about terms like comparison rates? We break down comparison rates for you. We explain what these loan products offer and the reasons why you should look carefully at comparison interest rates.
If you’ve been looking for a car loan and been denied more often than not, it may leave you wondering why. There are many explanations why lenders decide against lending to you. Here are some of the most common reasons and what you can do to improve your chances when you apply for loans in the future.