#car finance for bad credit
Obligation Free Application
How can I get approved with bad credit?
1. Review your statement and credit history
You need to look at your bank statements and credit history and try to clear up any errors. Errors may end up costing you more in the long run.
2. Prove you can pay them back
Using your statements and history, you will have to prove to your prospective lender that you will pay them back.
Don’t cook your own books. Don’t hide bad credit from lenders.
4. Pay off your other debts
If you can, consolidate or pay down your other outstanding debts.
5. Speak to a professional
If you need help or are unsure, always seek help from a licenced financial professional.
What are the Interest Rates?
If lenders and car loan brokers have deemed you to have bad credit or as a high risk, you may still have access to car finance. Unfortunately, these interest rates are noticeably higher than the usual market rates on offer to those who are in a prime borrowing position. More on Bad Credit Interest Rates.
Can I get a car loan if I have declared bankruptcy?
Yes, if you have been discharged from a bankruptcy you can still get a car loan. Unfortunately, you must prepare yourself to pay a much higher interest rate than is usually advertised, sometimes higher than 19%. However, if you have not been discharged from your bankruptcy, you cannot get a car loan. There may be some lenders providing no credit check car loans however the interest rates would be higher and comes with some other drawbacks.
How can I refinance a car loan with bad credit?
If you got a bad credit car loan and have been keeping up with repayments and obligations, you can look around to refinance your loan with other lenders. You will need to prove you’re in a better financial position than before to a new lender. One other way is to trade in your current vehicle and pay out the bad credit car loan in full. More on Refinance Car Loan with Bad Credit.
What is part IX debt agreement?
A Part IX Debt Agreement is a formalised, legally-binding agreement between yourself and your creditors to pay back debts. More on Part IX Debt Agreement.
Can I get bad credit car loan with unpaid defaults?
Yes, it is possible to get a bad credit car loan if you have unpaid defaults. You have to be prepared to pay above the usual market interest rate. Some companies, such as telecommunications providers, are quick to add defaults to your name. It’s up to you to check your credit history for errors. Correcting your history could save you a lot of money. More on Car Loan with Unpaid Defaults.