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.
WARNING: Once 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 car loans applications,
lenders need time to fully consider the merits of the application.
In special cases
we can arrange Interest Rates as low as 7.85% for a loan up to 5 years term
(Max 1 default).
- We can help arrange a credit
repair service to remove unwanted defaults from your credit file to
get a better interest rate for your car loan. Please check car loan
page to compare car loan interest rates for clean credit car loans.
- Paid defaults, unpaid
defaults with payment arrangement, discharged from bankruptcy or part 9
agreement paid judgments, everything considered by our lenders on a case
by case basis.
- For new vehicles not older
than 4 years we can arrange better rate for the loan through a car
leasing solution. The interest rates are as low as 7.85%
for 5 years term if purchase price is more than $18,000. You will
also have the choice to minimise your repayments by having a final payment
equal to up to 30% of the original loan amount. This is called a
balloon or residual payment. Rates are approximately 9.35% PA if
loan amount is $10,000-$18,000.
- Some of our lenders will loan
up to 120% of the car value to assist you cover other expenses that are
related to the transaction (e.g. Interest, Registration, Stamp Duty, other
approved uses), interest rates start from 12% P.A.
- If you are buying a car from
a private seller and you have major credit impairment issues, this problem
could result in you having to pay up to 48% p.a. for the loan.
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)
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.
Repayments of the
loan are via a payroll deduction in most cases
The 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
If, anyone is interested
for collecting the info about this service then he/she should visit to-: www.personalloanscarloans.com.au