We accept Good
Credit and Bad Credit clients for our personal loans and car loans
- Bad Credit may
Too many credit
Default (Paid or
Part IX Bankruptcy otherwise known as debt agreements
Good credit is basically having a Good Veda 1.1 Credit Score, a low number
of credit enquiries in the past 12 months and low number of enquiries
in the past 5 Years.
Credit history is
the first criteria that a lender will need to know about before even
considering to spend any further time reviewing your application. Each
lender has a slightly different policy regarding what is considered an
acceptable Credit History. With such a large number of personal loan and
car loan lenders on the market, this is why is makes sense to engage a personal
loan broker or car loan broker so you only need to apply once (in most
cases) to secure an approval, since a good finance broker will give you the
best chance of success by presenting the application to the right lender first
time and ensuring the application is completed in the best possible way.
It's amazing how many potential clients fill out the form wrong and get
declined for this reason alone.
loans require collateral to secure the debt (security). This can be a
boat, boat trailer, car, truck, ute, jet ski or other registered and
comprehensively insured item that has a market value of at least $5000, however
ideally worth greater than $10,000 in order to meet a wider variety of lending
options. Each lender has a slightly different method of determining
the value of the collateral, however you can obtain a guide by using the free
valuation tool at the following link.
Capacity is your
ability to repay or meet the regular monthly commitments of the personal loan
or car loan.
Each lender has a different
method of calculating and makes slightly different assumptions, however as a
general rule it works as follows;
For example, the
lender will consider the following information;
1) How much is
your monthly income?
2) How much are your
accommodation costs (Rent or mortgage repayments)?
3) How many
dependants do you have, therefore what is the estimate of living costs to raise
4) How much are the
living costs for yourself and partner?
The net result will
provide an amount of surplus income that you may theoretically have spare
for loan repayments. Based on the lenders interest rates, proposed loan
term and other factors the lender can then calculate what the maximum loan
amount they will lend you is.
For personal loans
and good car loans, borrowing
capacity is probably the second most important criteria for most lenders in
calculating if they will give you any money at all. If you don’t pass
this test, then it would be foolish for the lenders to lend you any money.
Other considerations in assessing
your personal loan or car loan?
Any broker will tell
you that every loan applicants situation is quite unique, however most
clients can fit in a certain category which is partially determined by
variables such as;
- Are you a property
owner (Property Owners are looked upon more favorably)
- Repayment history
on current and recently closed credit facilities (Have you missed any
- Stability of
Residency (The longer that you have been at the same residence, the better)
- Age (applicants in
the 25 to 50 Years of age categories are often looked at more favorably.
- Employment type
(Fulltime, part time, casual)
- Length of
employment - What type of finance you have applied for in the past (e.g.
Multiple pay day loans within the past 12 months will look very negative and we
may need to apply through a bad credit lender for you).
So, unless you know
all the answers and understand your own rating for each of the above features
AND you know the lenders policies in relation to the above, the chances are,
you are likely to get declined. Even high paid and well asset backed clients
often get declined when applying for good
personal loans or car loans as they may have some minor blemishes in 1 or
more of the above categories or they may have only just started in a new job
for 3 months and not applied with a lender who has policies that match up with
the applicants situation.
If you would like to
preserve your credit rating, apply with confidence and increase your chances of
approval, then you have come to the right website to apply. We know the
policies, we can ask you questions to analyze your situation and apply first
time with the right lender to get you the best result based on your actual situation.
The amount of volume of applications we lodge, get approved and settled with
lenders, gives us the insight to get the approval you need. There are also
the trade secrets that help get things over the line, including our professional
credit summaries that we submit with your application to sell to the lender the
benefits of approving your loan.
Don’t delay, call
1800 88 LOAN (5626) today and speak with one of our personal loan specialists.
Typical Eligibility Requirements for Secured Personal Loans