Second Chance Car Finance You Deserve!
Bad credit car loans Adelaide lenders approve give applicants a second chance, despite having a poor credit history; defaults listed on their credit file.
At Houston Finance, we understand that sometimes life doesn’t always go as planned.
If you’re having problems getting approved for a car loan, perhaps you’ve been declined before because you have a bad credit rating, try Houston Finance because we pride ourselves on giving everyone a fair go and getting difficult car loans approved!
At Houston Finance There Is No Problem!
The following list are examples of ‘problems’ past customers of ours had, preventing them from gaining an approval; that was until they spoke to us.
- Defaults listed on their credit file,
- High number of applications for credit that were not approved,
- Ex bankrupt,
- Entered into ‘Part 9’ arrangement with creditors,
- Late on paying utility bills and credit cards.
If these situations apply to you, chances are we can help.
The first thing to remember is you are not alone. There is nothing to be ashamed of; sometimes through no deliberate action on your behalf, unfortunate circumstances happen.
Marriage break ups or being retrenched from work are examples that can cause problems keeping up to date with financial commitments and may therefore cause defaults to be listed on your credit file.
Typical Features Of Bad Credit Car Loans
The following is a list of features common with bad credit car loans.
- Bad credit car loans are ‘secured personal loans’, the car will be taken as security over the loan,
- Loan amounts are generally smaller; your monthly repayments will be low and there is less risk to the lender,
- Bad credit car loan interest rates will be higher than somebody who has good credit; all other factors being equal, remember you are getting a second chance,
- The loan term is often 5 years,
Important Note: It is a legal requirement, not a lenders condition that while under finance the used car is covered with comprehensive car insurance, so make sure the cost of insurance is factored into your budget each month.
Applying For Used Car Loans – Adelaide
When applying for bad credit car loans Adelaide residents should keep the following points in mind to give yourself the best chance of an approval.
- Tell us everything!
Our analysts, or the lender looking at the application will find out about all the credit problems you have had; leading to your bad credit history. It is always best to be ‘up front’ and disclose everything that has happened, so we know how best to help you.
Not disclosing everything on applications is the single biggest reason applications for bad credit car loans are rejected; not because of the piece of information that was not disclosed, ironically most applications would be approved if all the information was disclosed at the beginning.
Remember we are working for you to get you the best outcome possible. Help us help you, by telling us the ‘whole’ picture. - Be Prepared and Don’t Rush!
If you do apply online (form below) you will have the opportunity to speed up the application by submitting a number of documents that you can upload from your computer.
If you spend the time to gather the required documents listed below and send them through at the same time as you apply; either online or by fax, your application will be answered quicker.
Required Documentation For Unconditional Approval
Gathering the following items together, most lenders ask for; most of the time, ready to send through to us will speed up the application process and will be required for an ‘unconditional approval’.
- Details of the used car; make, model, year, any features the used car has above standard,
- Copy of the used car dealers contract; signed subject to finance approval,
- Enlarged, CLEAR copy of your driver’s license,
- A home owner/mortgage holder; will need to supply current council rates notice,
- If you are renting; supply copy of your rental tenancy agreement,
- If you are employed, 2 most current pay slips,
- Proof of savings for at least 6 months will be viewed positively. ‘Bad credit lenders’ focus on your current circumstances more than your poor credit history, so you need to demonstrate that you have been able to maintain your lifestyle while saving. The amount you are able to save each month should be the same amount or higher than what the loan repayments will be.
The number of lenders who will look at approving car loans for people with a bad credit history is small. The approval process can take longer in some cases because additional documentation may be required. This should be viewed positively though because it means the lender is wanting to lend their money to you; they just need to feel secure you deserve that second chance.
2 ways to Apply For Bad Credit Car Loans
Fast Way
The fastest way to get an answer for finance is to complete our easy application form online. You even have the ability to attach files from your computer.
Easy Way
The easy way to apply for finance is to request a call back. Leave some details and we’ll call you back to complete the loan application over the phone.