Can I Still Apply For A Loan With A Bad Credit History?
Yes you can. Houston Finance has strong relationships with lenders who will lend money to applicants that have a poor credit history, lenders who place more emphasis on the person’s ability to repay the loan now, than focus on what has happened in their past.
Remember there are some lenders who want to give you a second chance, but that does not mean they will be willing to lend $50,000 for a holiday unsecured, especially if you have defaults listed on your credit file that are unpaid.
You will have to be prepared to accept a cheaper used car if you’re looking at trading your current car in for example. Once you have shown you were worthy of that second chance, you are in a stronger position to upgrade into what you really wanted.
Typical Features Of Bad Credit Loans
- Loans will be secured against the goods being financed,
- Lenders will lend less to people with a bad credit history, so depending on the severity of the past credit issues and what you’re looking at purchasing, you may need to put down a deposit,
- Interest rates will be higher; remember lenders set interest rates based on risk,
- You may be required to pay off any outstanding defaults before approval is granted,
Read about applying for bad credit car loans organised through Houston Finance for people living in Adelaide, it could be the second chance you were looking for.