Business Daily Media

Men's Weekly

.

6 Strategies to help get your bad credit car loan over the line

  • Written by News Company


There could be a number of reasons why you have bad credit – from missing payments or defaulting on previous loans, to not having any history of using credit. If you’re looking to get a bad credit car loan, you might be feeling anxious about getting your loan over the line and approved by a lender.

Don’t panic – there are lots of ways you can get a bad credit car loan over the line and there are many lenders out there who work specifically with people who have bad credit. Finding the right lender is key and you’ll be able to speak with people who understand your situation and want to help you get on the road faster

  • Check your credit record

You can check your credit score for free so it’s useful to do this before you start any car loan application. Knowing what’s on your credit record will be really helpful as you can quickly see if there are any mistakes or inaccuracies. If this is the case, you can get these amended and you may be able to get a better rate of interest and lower fees on your car loan.

  • Time your bad credit car loan application

We understand that it’s tempting to submit your bad credit car loan application the minute you’ve finished it. You want to get on the road and you need that dream vehicle to do so. Take a moment though – it’s useful to think about whether you’re in the best financial situation possible. If you’ve just left a job or currently have no proof of address, you may need to wait a few months and time your application for when things are back on track. A good starting point is to compare the best loans for bad credit.

  • Find the right lender

This is something that will really help to get your bad credit car loan approved. Often banks and bigger lenders have set criteria for approval of car loans and if you have bad credit, they’ll simply say no. By going to a company who specialise in bad credit car loans, you’ll immediately be speaking to people who understand your situation and can direct you to the right lenders for you.

  • Show evidence of financial success

You may have bad credit currently but think about what you can offer to reassure the lender that you are doing things right and getting on track with your finances. If you can show evidence of making regular repayments or offer bank statements which show you regularly paying your rent on time and in full, this could help lenders see you as less high risk to lend to.

  • Offer a Deposit

If you have bad credit history yet are currently in a good financial position, you might be able to offer a larger deposit than other borrowers. Lenders will look favourably on this as it offers some security so always try and put down the biggest deposit you can without straining yourself financially. Full details of your deposit should go on your bad credit car loan application.

  • Be Prepared

It might sound basic but many people trying to get a bad credit car loan simply aren’t prepared and don’t have the documents needed. This can really slow down the process and won’t put you in the good books with lenders. Always make sure you have documents such as photographic ID, proof of residency and address as well as bank statements and proof of insurance. Being prepared will really pay off.

Article provided by Loans for People With Bad Credit

Beyond the Banks: Why Agility and Tech Integration Are Defining the Future of Lending in Australia

In Australia’s evolving credit landscape, non-bank lenders are no longer merely filling gaps left by traditional institutions; they are actively r...

Carma appoints Owen Wilson as Chair of the Board

Carma’s next phase of growth to be guided by REA Group’s outgoing CEO who oversaw realestate.com.au rise to be Australia's #1 place for property ...

Digital Upgrade to Boost Efficiency Across Tasmanian Ports

TasPorts is undertaking a multimillion-dollar digital transformation that will improve efficiency, and enable smarter, more sustainable operations a...

Simplifying ecommerce integrations: How to streamline your setup without the stress

In today’s fast-moving retail world, having an ecommerce presence isn’t optional. Platforms like Shopify, WooCommerce, and Squarespace have lowered...

Shop Small Returns to Back the Small Businesses Supporting Local Communities

The annual Shop Small movement by American Express is returning for its 13th year in Australia to galvanise support for the country’s vibrant smal...

Introducing Commerce, the New Parent Brand of BigCommerce, Feedonomics and Makeswift, Powering an AI-Driven Future

Commerce’s open, intelligent ecosystem connects the tools and systems that drive growth and empower businesses to unlock data potential and deliver ...

Sell by LayBy