Are you planning to get a car loan so you can go on that highly-anticipated road trip across Brisbane and enjoy the scenic spots in your sleek new ride? Or maybe you want a smooth drive to work every day and stay relaxed even in the peak hours of early Brisbane traffic?
Whatever your reason is, the excitement of getting a new car is quite overwhelming.
The question now is, can you get bad credit car finance in Brisbane?
You might think it’s a far-fetched idea, but even with a poor credit score, you can still get approval for a car loan. Here are some ways:
Get preapproval for your car loan.
Many financial institutions in Brisbane process preapprovals for loan applications, and this is something you might want to consider if you have a poor credit history. When you want to be preapproved, a bank or lender will assess your financial status and tell you the amount of loan you can get.
And by knowing how much you can get from a loan, you will be able to choose what kind of car your loan can cover. Thus, there is less chance of rejection for your loan application.
Improve your credit score.
It’s obvious why Australians with excellent credit scores almost always get instant approval for loans. But for those with poor credit standing, loan approval is highly unlikely.
So, the best thing to do if you want to apply for a car loan is to find out your credit standing. If you have a less than average credit score, you need to improve it first. And you can do this by paying off any debt you still have and by paying your bills on time, among other ways.
Find out how much loan your income can afford.
As mentioned, knowing the loan amount you can get will enable you to find a vehicle that your loan can afford. So, before you choose a car, find out how much you can get from a loan and compute your expenses – from the down payment to the monthly costs. Then, you will know the suitable car model to get, which will lessen your chances of your loan getting rejected.
Make sure you have sufficient money for a down payment.
Paying a down payment for a car is normal. Lenders in Australia will deduct this payment from the total cost of the vehicle, and the remaining balance will be financed, which you will repay depending on your payment terms.
So, to apply for a car loan, you need to have enough money for a down payment. The larger amount you can discredit, the lower your monthly loan payment and the higher your chances of getting approved will be.
Look for the right lender.
Don’t worry if the above steps don’t work and your loan application is denied. You will have a second chance with the right lender.
There are reliable companies that offer financial assistance to Aussies with poor credit scores. And you can finally get your dream car with their help. All you have to do is find the best bad credit car finance in Brisbane.
Even with a poor credit score, getting car financing in Brisbane is not impossible. While you might get denied the first time you apply, you can get a second chance and finally get your car loan approved. By following the steps, you will be one step closer to that car upgrade you’ve been dreaming of; then, you can go on the ride of your life all over Brisbane and beyond.