Car Finance with Bad Credit
Is it possible to get Car Finance with Bad Credit?
The short answer is yes! Things don't always go smoothly though life and the effects can last a long time, particularly when it comes to matters financial. For some it's a separation, others it's a mistake made when they were young and for many it was something outside their control. Often, it leads to a bad credit history.
Getting a car loan with a bad credit history can be tough but it's not impossible. It's just a matter of being prepared and dealing with a reputable financier.
You should make sure your finances are in order. Prepare a budget so you know you what you can afford. Be realistic about your income and expenses, because any reputable lender will be obliged under responsible lending regulation and will fully examine your financial situation anyway. If the budget shows that you can't afford a car loan, wait until you situation improves before applying for credit so you don't make things worse.
Tip:- Check out the fantastic budget calculator available for free from the ASIC, moneysmart website.
If you know you have a bad credit history make sure you tell the lender up front. If the lender says they don't do credit checks, make sure you confirm this before you get too far with them. Some say they don't do credit checks however when you make the application, you'll see references to credit reporting. This is only going to waste your time and theirs.
If your budget shows you can comfortably afford a car loan or lease the next step is to find a credit provider who will work with you to get the car that you want. Reputable financiers will work closely with you and be up front about both the terms of the finance and costs involved. Don't be scared to ask lot's of questions and get as much detail in writing as possible.
Motofy can help
Don't fell bad or alone when applying for car finance if you have a bad credit history. Our team understand the difficulties and treat every client with respect and care. We'll be honest with you at all times and process you application in the shortest possible time.
If you think we can help you, give a call on 1300 000 310