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Process of Getting Bad Credit Car Loans (2)

by ambersayon

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Getting a car loan
with bad credit history is not a big problem any more. We compare your loan
options and quote you the best possible rate available for you from one of the
lenders on our panel of Bad Credit Car Loan lenders.  Depending on the age
of the vehicles, level of credit impairments and credit score the interest rate
starts from 12% P.A to 48% P.A.

Time frame for
approval and settlement (3 Days to 7 business Days)


Please allow between
3 business days to 7 business days to have your loan approved and
settled.  The more organized you are, the quicker we can have your Bad
Credit Car loan approved. 

application is lodged, please be patient.  If we pressure lender to rush
approval you will find the loan will be more likely to be declined.  For
difficult Bad Credit loan applications, lenders need time to fully consider the
merits of the application. 


Deposit Required
for a Bad Credit Car Loan

The amount of
deposit required in order to buy a car with a Bad Credit Car Loan depends on
many factors such as;


1) When the default
was put on your credit file?

2) When the Default
was paid in full?

3) The amount of the

4) How much you are
paying for the car compared to what the lender believes the car is worth (Quite
often, people pay too much for cars, therefore you will need a larger deposit).

5) Age of the
vehicle (vehicles older than 5 Years will have a reduced LVR)


Requirements (Supporting Documents) for Bad Credit Car loans:

  • You must first of all
    understand that Car Loans for Bad Credit clients require more paperwork
    than good credit clients.  See below for typical list of documents
    required.  Clients who settle a loan with us and provide all of the
    documents at the same time will be eligible to receive a $100 Fuel Voucher
    as a thank you for being organized and making our job easier.  Those
    who provide 1 document here and there over a several day period will not
    be eligible for this cash back, since we loose lots of time stop and
    starting work on your file.



In general, we can
arrange Bad Credit Car Loans
for an amount between 70% and 120% of the car value as determined by the
lender, therefore you will require between 30% deposit to No deposit, depending
mainly on the above factors.


Repayment of the
loan is via a payroll deduction in most cases

regular bad Credit Car loan repayments are deducted from your wages as a
payroll deduction.  i.e. Your employer makes the repayments from your pay
/ wages.  Example:  If you normally receive $900 per week in net
wages and the loan repayments are $80 per week, your employer will make the $80
per week to the lender, then transfer the balance of $820 to your
account.  This method gives the lender greater confidence to give bad
credit clients a second chance.

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