Car Loans for People with Bad Credit

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    Recently applied for a car loan without any luck ? Call us now !
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Here is some areas we have helped others when their bank said no !

  • We can help with permanent part time, contract, casual and seasonal work incomes.
  • We can help with Full Doc and Lo Doc (Lo Doc to have reasonable credit – minor paid arrears).
  • We can do Lo Doc car loans with ABN + 24 months no bank statements / ABN + 12 months require 3 months bank statements.
  • ABN less than 12 months considered provided previous PAYG in similar role along with accountant forecasts.
  • Centrelink income acceptable provided it’s no more than 30% of total income.
  • Credit impaired option from minor paid adverse through to ex-bankrupt part 9 discharged and part 10 discharged 6 months.

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Here are some common reasons why you may need to consider a Custom or Lo Doc Car Loan

Bad Credit

Bad credit occurs when a company places a default on your personal credit file. By Law, the company placing the default must follow a process governed by the Code of Banking Act.  A series of phone calls, letters or in some cases, a collection agency, try to come to a suitable arrangement for you to repay the amount of monies outstanding.   In some cases it is human error as we may have given the financial institution the wrong account number or went on holidays and forgot to set up a payment arrangement , Other times it can come through unfortunate events in our lives.  Either way, it only takes one negative listing on your credit to have a serious effect on your ability to borrow funds in the future. So its vitally important we value our credit rating and try to keep on top of the monthly bills.

Credit report

Do you always check your credit record or file? Is your score good? knowing what may be lurking inside your credit file gives you the opportunity to find out if the problem before you apply for a loan and the ability to fix the issue or provide us with an explantion as to how it came about. Being up front about you credit history will only improve you chances of obtaining a new car loan. For your information, your credit file is held by VEDA, a credit reporting agency. You can contact them direct to obtain a copy of your own personal file.

 

Self Employed

Low documentation ( Lo Doc ) Car loans are designed for self-employed customers, who may not have all the necessary paper work required to take out a full assessment car loan. The main Feature is that you avoid having to provide your most recent tax returns and may have the ability to provide your most recent BAS statements or a letter confirming your income from your accountant.

Defaults/ Arrears

 

Credit cards, interest free cards and mobile phone accounts seem to be the main contribitor when it comes to the average persons credit file or credit history.  If a financial institution or telco or any creditor has had no response from its customers but have followed the procedures and policies in recovering the funds,  they can list a default against you so try and recover the funds when you apply for credit down the track. Veda is a company that holds a credit file for most Australians who apply to borrow any amount of money. Veda will list each bank that you have possibly borrowed money from, the loan amount, date and if the financial institution has registered its default notice, as a result of late or even no payment.