Self Employed Bad Credit Car Loans (For Consumer car loans, read further down).
If your self employed with bad credit and no financials, you have come to the right website.
What do you need to get approved;
- Drivers licence
- A valid reason to use the car for business use.
- We accept Unpaid or Paid defaults. For unpaid defaults, give us a call to let you know how we get around this issue.
Call 1800 88 LOAN, that's 1800 88 5626 to talk to someone and get a quote over the phone in 2 minutes.
Since October 2014, we have a 100% success rate on applications we endorse and lodge to one of our funders.
Just check out this deal we settled for a new ABN holder with $18,000 worth of unpaid defaults
Consumer Car Loans
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.
In special cases we can arrange Interest Rates as low as 7.85% for a loan up to 5 years term (Max 1 default).
Documentation Requirements (Supporting Documents) for Bad Credit Car loans:
Approval Process for Bad Credit Car Loans:
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 organised 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 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 default?
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.
Repayment 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 chance.
* Client will have to provide proof of income and minimum of 3 months bank statements to show salary credit.