BAD CREDIT CAR LOANS

The mortgage brokers at Intellichoice are specialists at sourcing bad credit car loans from our panel of approved lenders for people who have difficulty getting a traditional car loan or personal loan from the banks.

A bad credit car loan is ideal for the following people:

• Discharged bankrupts

• Have had credit card defaults, forgot to pay their telephone or electricity bill and have a black mark against their credit report

• Have unpaid defaults but have made arrangements to pay them off

• Been previously declined by the banks without a reason

• Just recently migrated to Australia

• No doc car loans and low doc car loans available for self employed people who do not have the necessary financial documents or tax returns

A bad credit rating may occur on your credit file if you were not able to properly manage your financial responsibilities in an organised manner, for example, you forgot to pay a telephone or electricity bill or paid it late. You'll be surprised how your credit rating affects your life when you need to get a personal loan, car loan or a home loan.

So even if you have bad credit or are self employed and need a car loan, the experienced mortgage advisors at Intellichoice may still be able to assist with alternative car finance solutions.

Please note some of the things that may affect approval for your bad credit car loan or low doc car loan:

• If you have a deposit for the car loan

• Whether you have a guarantor for the bad credit car loan

• If you are applying for a car older than 7 years

• If you can provide savings history after the bad credit of amounts similar or more than the anticipated car loan quote

• If you have any other outstanding unpaid defaults

• If you had bad credit history over a long period of time or if it was just a one-time occurrence when you were going through a bad patch. Mortgage lenders may not approve the bad credit car loan if you had continual bad credit history, as there is a higher risk that you may not repay the loan

Please note that a bad credit car loan will most often have a higher interest rate than traditional car loans. The terms and conditions for a bad credit car loan may also be a little more restrictive, so before you sign anything, make sure you have read and understand the full terms and conditions and you can afford the monthly car loan repayments. Your mortgage broker will work with you to find a bad credit card loan that suits your needs, explain everything in plain English and set a budget for you to ensure you can afford the car loan repayments.

Our mortgage advisors specialise in bad credit car finance for people with poor credit history. If you require some finance advice on your particular situation and how Intellichoice can help with your bad credit car loan, please call 1300 55 10 45. Our experienced mortgage brokers are keen to help you get behind the wheel faster and without the hassle and stress. Intellichoice can also assist with bad credit home loans for the credit impaired.