If you had the wind knocked out of your car buying experience due to financial problems in the past or just because you’re struggling to build your credit for the first time, you might be surprised that you have more options than you think.
Having no credit or bad credit is a major stumbling block to getting a car loan because you’re viewed as a high risk customer who might default and leave the lender holding a bag of worms. It’s just a fact that until you raise your credit worthiness, you won’t fit the standard lending guidelines that traditional, big banks have to follow. Luckily for you, Blink Finance is here to get you the absolute best you can get!
If you’ve been turned down for a loan elsewhere and don’t want to get stuck paying high interest rates, here are few things to consider:
- How bad is your credit rating? It is worthwhile checking your credit score with the relevant reporting agencies (Veda) and if there are any defaults/judgements, you can enter into agreeable arrangements to pay off over time. Financiers will always appreciate the fact that you have either paid off the defaults or entered formal arrangements to fnalise the debt.
- Consider the total amount you are borrowing. Don’t be unrealistic about the amount you wish to borrow. For obvious reasons, the finance providers are more likely to offer you a loan if you are borrowing a smaller amount. If you have savings, providing a deposit towards the car will always increase your likelihood of obtaining finance.
- Have your finances in order! More often than not, finance providers will ask for your bank statements and will look out for any ‘alarm bells’ like dishonour fees, small pay-day loans (to ensure you can live within your current earning means) or any activity that might impact on your ability to pay off the loan.
- Stability is your friend. If you are planning on getting finance in the near future, avoid changing jobs or moving too often. This can severely affect your changes of getting any sort of bad credit car loans.
We understand the daunting tasks of getting a car loan if you have poor credit history (Second Chance Finance), our specialist bad credit car loan consultants have years of experience obtaining the best loan products available in Australia. Give us a call on 1300 827 848 or simply for a no obligation inquiry.