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Five Ways To Secure A Bad Credit Car Loan

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Five Ways To Secure A Bad Credit Car Loan

John Cadogan
January 13, 2014

Five Ways To Secure A Bad Credit Car Loan
Car finance is the same the whole world over. This article is by Australia’s leading motoring journalist, John Cadogan: Getting a bad credit car loan is not as hard as you think. These six tips will help.

Reputable Australian lenders are prepared to offer car finance to people with a bad credit history – provided they meet acceptance criteria. Kyle Rhys from www.badcreditcarloan.com.au says many applications are unsuccessful simply because the applications fail to demonstrate that the potential client measures up. “I routinely talk to clients who have submitted many applications – all rejected because they were poorly put together,” he says. “Lenders have fairly rigid approval processes, and you need to address those if you want your application approved. Once we structure the application in line with those approval requirements, the approval rate is actually fairly high.”

Kyle Rhys advises against embellishing the truth about your past credit history. “You need to be completely honest in your application,” he says. “The facts will all be checked, and lies will destroy any confidence a financier has in you as a potential client. Don’t omit any details either – no matter how damaging you think they might be. The simple fact is, the whole truth is much better than fiction.

Visit www.veda.com.au for information on how to access your credit file. Doing this is quick and easy, and gives you a clear snapshot of your credit history. Importantly, accessing this information allows you to contact organizations responsible for entries in your file if you believe an error has been made.

Bank records – bank account statements, credit card statements and loan statements are essential. Your bank account should never get over-drawn because you need to demonstrate the ability to live within the boundaries of your income – including regular automatic deductions. Ideally, you should demonstrate the capacity to save, even if only a small weekly amount.

Pay your credit cards on time, and preferably by more than the minimum monthly required payment because you need to be able to show you can meet your financial obligations.

Because income is essential to servicing debt, you need to show, via your employment history, that you have a solid, regular income – correlated by pay slips, and bank account statements.

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