Bad Credit Car Loans

Bad credit car loans - your questions answered - FAST!Missed a payment on your phone bill? or forgot to pay off your credit card? maybe you've been bankrupt or entered into a part 9 arrangement. At BadCreditLoans4U we believe you deserve a second chance.

Many applicants may have already been declined finance or knocked back elsewhere.

We have been proven time and time again to be able to secure finance for these applicants.

This is because we have unbiased and experienced staff with specialist training ready to explain these bad credit car loan options.

Bad Credit Car Loan Interest Rates

Although being secured on your car purchase, interest rates for bad credit car loans can be slightly higher than all other types of car finance, this is due to the increased level of risk.

Tips for a successful Bad Credit Car Loan

Out of all the criteria, non-disclosure or information provided to mislead will cause immediate decline and there is no going back. Examples of information you must disclose are:

  • Undisclosed debts and bankruptcy history
  • Incorrect dates of employment history
  • Failure to disclose correct amount of dependants
  • Cash income. This can be used but clients must provide 6 months superannuation statements to show employer is contributing 9% SGC

Defaults/Arrears

  • Can accept paid and unpaid defaults
  • Unpaid Telco's normally OK under $4K
  • Paid defaults are OK but depends on amount. Most under $5,000 can be approved
  • The greater the time since payment, the easier it is to get approved
  • Multiple defaults and long history of credit issues will be a concern - not necessarily declined but need to be strong in other areas
  • Can accept paid motor finance defaults provided minimum of six months since paid and client is stable
  • Judgements are treated similarly to defaults
  • Home loan arrears are not looked on favourably

For a FREE, no-obligation chat, please fill in our online enquiry form by clicking here.