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How to get a car loan with bad credit?

Feb 27, 2019 | Finance Tips

Find out how to increase your chances of obtaining a vehicle loan.

Purchasing a car can be a time of extreme joy for many – but it can also be a source of anxiety if you’re relying on full or part finance to get the keys!

Online access to your credit history is available to anyone you apply for a loan or credit with – information about your savings, spending, borrowing and repayment habits is accessible in just a couple of clicks.

So how do you ensure that your credit history makes you look like the perfect candidate for that loan? Here are some things to keep in mind:

  • Banks and other lenders will access your Credit File and Credit Score to assess your ability to meet repayments
  • Banks and other lenders will also look at your bank accounts to see how you spend your income
  • Each time you apply for any type of loan – whether approved or not, an ‘Enquiry’ is formally logged to your Credit File
  • Afterpay, Payday or short-term loans do not improve your Credit Rating. In fact, banks and other lenders don’t like seeing these loans – or declined applications for these loans on your Credit File at all.
  • Build a consistent savings history – even if you can bank only a small amount, do it regularly
  • Make all of your repayments and payments on time

The good news is, even if you have a poor or no credit history, Finance One may be able to help. Follow our monthly blog for tips on how to secure that loan!

Lending criteria, and fees and charges may apply.

The information contained in this blog is accurate only at the date of publication.

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