We can't always predict the future or control situations that may put us into financial difficulties. If this is you, Credit One is here to help!
You may still be eligible for a car loan because there are many lenders and credit providers out there that give you a second chance for finance. If you are ready to put in extra effort, here are some guidelines that you should consider which may benefit you and help you get one step closer to owning your dream car!
1. Rebuilding Your Credit File
Just as you regularly tidy your house or reorganize your garage, you should make sure you also clean up your Equifax Credit File as your credit history is the foundation to financial stability. Here are some approaches you can make to clean up your credit file:
- If you have the available funds to payout defaults of small amounts on your credit file, then you should pay them in full as quickly as you can.
- If you have a large default on your credit file, then you should make a payment plan as soon as possible and make sure every payment is made on time to develop good credit history, this shows potential lenders that you’re taking responsibility for your debts.
- Try to avoid enquiring/applying for payday loans.
- Try to avoid making too many credit enquiries for finance. Every time you apply for finance a credit provider will place an enquiry on your credit file. Therefore, when they review your credit file, they are able to see all the enquiries you have made. Applying for many loans during a short space of time, will give credit providers a reason to doubt your application.
2. Banking conduct
You may not think your bank statements may have an effect on your chance of obtaining finance? But you may want to think again!
If you don't have a good credit history, most lenders will then want to see the last 90 days of bank statements to check your banking conduct and to see how you manage your debts and to check if you have any undisclosed debts. Here are some guidelines to follow to make sure you have better chance with obtaining finance:
- Stay clear of any payday loans
- Avoid gambling
- Keep your account from being overdrawn
3. Talk to a specialist Credit One finance broker
You may ask the question why should I speak to a finance broker rather then apply for the loan directly with the lender:
- Finance brokers deal with a variety of lenders on a daily basis and have a greater understanding of each lenders policy requirements and guidelines. Therefore, they can make sure you have the best chance of obtaining finance for your new car!
- We have access to over 35 leading Australian lenders, some that aren’t available to the general public, so we can find the lender who’s willing to give you the best finance package.
- We can assess your application before submitting to a lender to give you the best chance of being approved or advise any steps you need to take, issues you need to rectify and/or the time frame in order to gain finance in the near future.
- We can help to obtain the best interest rate to fit your individual needs and profile
If you want to get your dream car, speak to one of our specialists from Credit One today for an obligation-free chat on 1300 CREDIT (1300 273 348)!
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Or phone 1300 CREDIT (1300 273 348) to speak with one of our finance specialists.
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