If you have less than perfect credit, and have been looking around for an auto loan, then you have probably already been refused a loan by the banks and credit unions, and are searching for other options. You certainly don't have enough cash on hand to buy a car, and you're wondering if your credit history is good enough to get approved for even a type of loan a friend told you about, called a bad credit loan.
What is a bad credit car loan? Some people know them as second chance car financing. They are a type of loan that was developed for people who, like you, were knocked back previously from financing a car with the usual type of lending institution. You can find companies and loan brokers available in Australia that are in business just to help people like you secure a car loan, despite the fact that you have impaired credit files.
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When you go to a business that specialises in bad credit loans, they will be able to help you with a car loan that will enable you to get either a used or second hand car at the best possible rate available, even if by chance you have gone through a bankruptcy. This is a better alternative than going to a car dealership that has advertised that they will be happy to approve anyone for financing, whether they even have credit or not. Most of the time, unless you have a large down payment, a dealer won't be able to help you with a loan.
You might think you have gotten lucky and found a dealer who doesn't require a down payment at all. Be careful, and think again, for without a down payment, these dealers can only approve you for a car loan that has a really high interest rate. They may sound as if they are interested in helping you get ahead and obtain a loan for that car you've been wanting, but don't allow them to fool you! The only reason a car dealer will take the risk of loaning money to someone who has credit problems is because one way or another, they are going to be able to make money themselves by doing so.
That said, there is a place where you can go besides a bank, a credit union, or a car dealership to get a car loan if your credit is not good, and it's a place you may not have thought of - online! Not too long ago, paying an outrageous interest rate was the only way someone with bad credit would have been able to get a car loan. You won't have that problem online. If you do some careful checking, you will find several excellent online lenders to deal with. You will be able to get quotes from and choose the lender who is offering the best interest rate, for the online loan/credit world is quite competitive. You can also choose a repayment plan that suits you best.
Keep yourself safe by refusing to deal with lenders who ask you to pay money for a loan. Try to check out the lender you've settled on, and see what other people think of them before you sign for a loan. Enjoy your new car!
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