Struggling to provide tax returns or financials? Low Doc Car loans have flexible income criteria.
With interest rates sharp enough to cut you might be surprised with what you can afford. Obtain the most competitive bad credit car loan product to suit your requirements.
Interested in Bad Credit Car Loans?
Loan Saver Network offer free credit assessment along with advice for bad credit car loans. Vehicle finance is very different than other forms of finance such as home loans. The approval process and lender policies are designed around financing an asset that can be moved, therefore understanding the lender requirement is paramount to an approval. There are a range of features, fees, and interest rates depending on the lender and product:
Here are some of the various lender features:
- Competitive Interest rates based on credit impairment.
- Loans up to 120% of vehicle value.
- Consumer and business bad credit car loans.
- Business car loans only require profit to cover repayment.
- Loan terms up to 84 months.
- Vehicle age can be >10 years.
If you have a need for a new car and struggling because of bad credit such as judgements, credit defaults, part 9 debt agreement or other credit issues then we may be able to assist. We have a range of lenders to help you get into a new car with a competitive interest rate.
What are Bad Credit Car Loans?
A bad credit car loan is a loan used to buy a car when you are experiencing credit issues. When you have credit defaults on your credit file you can feel alone because most lenders don't like lending to people with credit issues. You've had some past issues, and now you just want a chance to help restore your credit and get into a decent car. Car finance uses the vehicle you buy, to secure the loan to buy the same vehicle. The most competitive interest rates, and best borrowing capacity is achieved when the loan is secured.
What bad credit is acceptable?
There are many forms of bad credit such as credit defaults, court judgements, writs, or even bankruptcy. Generally the lenders like to see the credit issues older than 6 months old however in some cases it can be very recent issues.
What type of vehicles can i buy with bad credit?
Age of a vehicle is an important factor with car loans. Most lenders like to see a car no older than 10 years at the end of the loan term. We have established loans against vehicles up to 20 years old at end of term which greatly opens up the availability of prestige and other desirable older vehicles.
What Loan Terms Are Provided With Bad Credit Finance?
Bad credit car loan terms vary depending on the severity and age of the credit impairment. Loan terms can be from 1 year up to 84 months with the most preferred term at 60 months. Obviously the shorter the loan term the higher the repayment so we find most loan terms range from 36-60 months.
What else do i need to know about car loans with credit defaults?
Cars are a depreciating asset with some cars dropping in value considerable when you drive them out of the show room. We highly recommend a type of top up insurance called gap insurance which covers the gap between the loan amount owed, and the value of your car in the event of an accident where the vehicle is a total write off. Gap insurance is a second optional policy to your comprehensive car insurance.
If you require a car loan up to $75,000 with no upfront fees* then apply now! We'll have one of our loan consultants call you as soon as possible.