Requirements You Need for a Bad Credit Car Loan

by Emily John Digital Marketing Service Provider

Introduction:

Credit Score is an integral part of your qualification to get a loan. Be it a personal loan, home loan, or car loan. You have to maintain your credit score to get a reference from the bank and sanction your loan amount. However, it is impossible to buy a car on loan, even if you have bad credits. Cheap car loans Australia is provided by many agencies and brokers where you can get loan amount through their help. However, there are some requirements that you have to qualify before getting a car loan.

Qualifications for Bad Credit Car Finance:

You have to fulfill some key requirements if you want to register bad credit car finance Australia. Some of the chief requirements are discussed below:

Stable Residence: You have to prove your regular residence in Australia if you live in your current home for at least six months, with your details noted on the lease.
Stable Employment: You also have to provide details for your job by producing a proof-like salary certificate for the last 6 months. If you are in a probation period, your chances of getting cheap car loans will lower Australia.
Stable Loan Amount: For getting bad credit car finance Australia, you can borrow an amount between AUD 10000 to AUD 35000 provided that you can pay off the sum in installments.
Recent Credit History: If you have applied for any other loans in recent times, make sure to disclose this If you can show regular payments of your credit card bill or your loan, your chance of getting a car loan will increase.
Default Explanation: If you have a history of any default or non-payment issues, make sure that you have a good explanation for that. However, be honest with the loan providers and explain the situation in detail.

Conclusion:

These are some of the chief requirements you need to follow to get a bad credit car finance Australia. Make sure to contact a broker who has a history of dealing with loans for a long time and has a good record. Be honest with them to get a useful reference for your car loan.