Individuals interested in applying for car loans with bad credit are sometimes discouraged by their negative credit history. Apparently there are roughly 1.1 million households in Australia that are in mortgage stress or on the brink of default.
A report from the Digital Finance Analytics noted that at least 1.1 million borrowers in Australia are likely to default their loans as of December 2019. This is due to the possibility of higher interest rates from the country’s leading banks.
The increasing number of borrowers with bad credit history should not stop people from achieving their dream of getting a car. Getting loan approval despite having a bad credit score is your second chance of reviving your credit score. There are still actually loan options available for individuals with terrible credit history.
Whether you are looking for a used car or a machinery equipment for your business and yet you are not confident of your credit score, don’t fret. You can still actually avail of car loans, for example, at reasonable rates. You can use this loan to purchase your personal car, your company’s truck or even an equipment you’ve been dreaming of for that business expansion.
If you think that applying for any loan products, but having a bad credit history is a waste of time, then you’re totally wrong. Of course, there’s still a chance that your car loan application will still be approved even if you’re in a bad credit standing. You just need to know how to do it and look for professional assistance from the experts.
Knowing financial situation
Although lenders generally look into the credit history of each potential borrower, there are circumstances where applicants for car loans with bad credit are still being approved. Certains things and events in one’s life can significantly affect one’s ability to pay. Missing repayments and even ultimately defaulting on one’s personal loans do not, at all times, determine future repayment adherence.
Knowing your financial situation is important before starting any loan applications, especially if you have a bad credit score. But if you are unsure of your current credit standing, it is best that you seek professional assistance to increase your chance of loan approval. It is best to always prepare your proof of income so your broker can assist you more effectively.
Benefits of professional services
One of the advantages of getting a professional financial service in your loan application is to get assisted from start to finish. Professional loan brokers are experienced in handling clients successfully securing a loan approval despite having a bad credit history.
They have gained industry experience by working directly with clients with different needs. Most of these brokers have been working closely with lenders for several years. This gives you a favorable advantage on getting the best deals in the market.
Intellichoice is one of the few brokerage companies in Australia that helps connect borrowers of car or equipment loans to lenders. Its brokers have catered to thousands of satisfied clients whose loan applications have been approved very fast. They don’t see having a negative credit rating as a hindrance for someone to get their dream car of any vehicle for business purposes. They have extensive connections with some of the leading lenders in the country for the best rates.