No Credit Check Car Loans in Australia
There are only a few providers in the market that will provide no credit check car loans in Australia, meaning they will not run a check on your credit file. This can be useful for those in need of a car loan without the ability to obtain a loan from any other lender due to their credit file.
As you could imagine, these types of car loans are the most costly, with usually very high interest rates and high establishment fees and early exit fees. Some of these providers will also not give you the full freedom to choose the vehicle you want and often you end up paying substantially more for the car than you normally would.
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- We take time to find out why you have bad credit
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Top 5 benefits
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- Fast approvals (usually within 24 hours)
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You may also find that some of the conditions imposed on qualifying for the no credit check car loan may require a certain deposit to minimise the risk. There has been some media attention with some of the kinds of arrangements, where the provider will get around certain laws by selling the client a car that is worth $2000 wholesale and their sale price would be around $18000 and provide an ‘interest free’ car loan, where the client would need to put down a $2000 deposit to qualify for this loan.
As you can see they have priced the interest into the sale price of the car to offer an interest free loan, to try and create a loophole in the system. They then require your down payment being the wholesale price they paid for the car themselves, taking all the risk out of the equation and every payment the client makes is then the profit margin, so if the client with poor credit does not pay any repayments, they have only really lost their time and recovered their main costs by requesting the deposit at the beginning.
A no credit check car loan, although may not be the best possible deal, can sometimes assist in showing better lenders that you have improved your situation by keeping your repayments on time for over 12 months. This will definitely show that you are now more financially able to repay a car loan and your past history would be less reflective on the outcome of a loan with a more mainstream lender. They are costly, but if there is no other option, you could use them as a stepping stone.
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