There are a few lenders that can provide car loans for those who have had past credit issues, but they may assess their car loans are little differently to other lenders, so it is a good idea to be well prepared.
Here are some tips for how to get a bad credit car loan in Australia.
It is not a bad idea to obtain a copy of your credit file annually, so you are well aware of everything on there and can address any issues that arise in a quick time frame. You can get this for free just by searching "free credit file report online".
Learn to understand what everything means on your credit file and try to have any adverse information rectified prior to applying for any kind of loans, if at all possible.
Rather than just applying everywhere and hoping for the best, get some good solid professional advice from someone that deals in these kinds of car loans on a daily basis. They will know exactly what to look out for and what documents you would need. They will also only apply when the time is right, giving you the absolute best chance of car loan approval.
Preparation Prior To Presentation
Whilst getting professional advice will be of great assistance, they will prepare you for what documents you would need, or whether your employment or residential status will satisfy lending criteria at that present point in time.
You should spend time to prepare everything the lender requires, so then when the time comes to present it, the lender has everything required upfront, which will also present better to them at first application.
Documents To Prepare
You should collate all your documents ready for submission and the minimum required documents will be:
- Proof Of Identification (e.g. Driver’s Licence, Passport, Marriage Certificate, etc.)
- Proof Of Income (e.g. pay slips, tax returns, business financials, etc.)
- Bank Statements (minimum 3 months for any accounts active in your name)
- Loan or Credit Card Statements (of any current active accounts)
- Supporting Documents (e.g. proof of paid defaults, judgements, etc.)
These are just some basic tips on how to go about getting a bad credit car loan in Australia. Of course you can try and do it yourself, but you should research requirements to give yourself the best chance, which can take time, or engage the services of a professional bad credit car loan broker, who will make your job much easier and could give you a better chance, whilst saving you time.
CarLoans.com.au can provide you a free car loan assessment, this assessment will determine what loan product suits your needs best as well as providing you with the interest repayments - click here to get a free assessment.