You’ve got bad credit. Although you have been trying to pay off all your existing loans, the credit rating you’re getting is still not good enough to get you approval for car finance Brisbane. But don’t let it get you down. You’d be surprised at how many potential lenders out there are willing to give you a second chance. If you thought that getting a car loan with bad credit in Brisbane, you got it wrong. Provided that you fulfill all of these, a lender will be glad to extend a lending hand to you.
At ApprovalBuddy, we are happy to provide help to loan applicants who are worried that their bad credit rating might get them another disapproved loan. In fact, we encourage them to give it a try and we do this by providing them the support that they need. For one, our team makes a thorough evaluation of the loan application even before it is officially applied for. This is to make sure that you don’t get another disapproval that could hurt the credit rating even more.
We always emphasize the importance of understanding what led you to your current state of credit and the many ways you can prevent it in the future. Having debt is not bad. Not paying for it is what makes it look bad. Perhaps all you need is a bit of guidance to make sure that you are on the right path. And the ApprovalBuddy team is just about what you need.
Why do people get disapproved with their loan application?
You’d be surprised to know that it is not because of their bad credit. In fact, their non-so impressive credit history is just one of the many factors that come into play when applying for a loan and getting an approval for it. Many people find themselves in this situation because of the poor quality of application they are submitting. Oftentimes, they submit the same poor application and get the disapproval every time. Unfortunately, this process does not work to your advantage.
Finance companies are rigid about the applications they are getting. They’re not looking for people who don’t have existing loan. Rather, they are looking for good reasons to approve the loan application at hand. You as a potential borrower need to show them exactly this.
How do you get the loan approved even with bad credit rating?
Honesty is the best policy, even when you have bad credit history. Every statement that you put in your application should help establish the trust between you and a potential lender. You know they will look thoroughly into your application, alongside all the credit you have made in the past. Failing to disclose any credit that you have had in the past will only put shade on your application. It’s a red flag and most financiers would decline the application.
Make sure to include everything that you consider relevant. Withholding information – especially the information that may damage your application – is much worse that when you disclose everything. After all, when you want to establish a relationship with a lender, the first thing you need to build on is trust. When you are honest about your credentials, it is easy to convince any lender that your bad credit history is part of the past and you’re applying for a loan to help you move forward.
Have clean bank records
Make sure in the last 3 months you haven’t overdraw on your bank statement. Your recent bank records will help prove that you are living within your means. Your capacity to save regularly also helps establish that you are trying your best to save up for the future. It doesn’t matter how much you save as long as you do it on a regular basis. Your capacity to save also means you have surplus income, which can easily be translated into the fact that you have extra money to spend.
Stay away from Payday loans
Payday loans are called such because they catch your pay even before you get hold of it. Although they provide financial convenience for some, most of those who avail of such types of loans often find themselves losing more than just their money. Their drive to work is lessen which can then be seen in their lack of efficiency at work. Keep your safe distance from these payday loans. In the long run, you are doing yourself a huge favour.
Work out your weekly budget you can spend on a car repayment
How much can you afford to pay every week? Once you are able to work this up, it is easier to choose which car to buy. Buying a car is not like buying candy from a store. It needs thorough research and close thinking to ensure that you are able to fulfill all your financial responsibilities on time. When you know how much you can afford, you can cut down the list of cars that you want to buy to a shorter list of cars that you can actually afford to buy and pay off weekly.
Apply with a Broker
Brokers have access to a panel of lenders. Brokers can work out if a lender can help without affecting your credit score. At ApprovalBuddy, we make sure that you find the right lender for your needs. Our team can help you work around the loan system even with a bad credit history. The more important thing to focus on is the fact that you are slowly working your way to pay off your existing loans. You’d be surprised to have paid everything without the pressure that comes with it.
A bad credit score in Brisbane is not the end of the world for you. In fact, it may just be the beginning. All you need is to find someone you can trust who can help you find a lender who will trust you back. At ApprovalBuddy, we make sure you find a lender who is willing to work with your to pay off your loans. Our team makes sure that you don’t get yourself into another debt that will put you in hot water. Everything that we do is to ensure that you have debt, but your are in a better position to pay for it.