Bad Credit Car Loans

Missed a payment on your phone bill? or forgot to pay off your credit card? maybe you've been bankrupt or entered into a part 9 arrangement. At Platinum Car Loans we believe you may well deserve a second chance.

Many applicants may have already been declined or knocked back elsewhere, we have unbiased and experienced bad credit staff with specialist training ready to explain these 2nd chance scenario's.

Bad credit car loan interest rates

Although being secured on your car purchase, interest rates for 2nd chance car finance or bad credit car loans are generally higher than all other types of car finance, this is due to the increased level of risk.

Tips for a successful bad credit car loan

Out of all the criteria, non-disclosure or information provided to mislead will cause immediate decline and there is no going back. Examples are:

• Undisclosed debts and bankruptcy history (Law point searches are done on all clients)
• Incorrect dates of employment history (this is critical as all employers current and previous are reference checked)
• Failure to disclose correct amount of dependents
• Cash income. This can be used but clients must provide 6 months superannuation statements to show employer is contributing 9% SGC

Defaults/Arrears

• Can accept paid and unpaid defaults
• Unpaid telco's normally ok under $4K
• Paid defaults are ok but depends on amount. Most under $5,000 can be approved
• The greater the time since payment, the easier it is to get approved
• Multiple defaults and long history of credit issues will be a concern - not necessarily declined but need to be strong in other areas
• Poor rental/ current loan reference normally means a decline
• Can accept paid motor finance defaults provided minimum of six months since paid and client is stable
• Judgments are treated similarly to defaults
• Home loan arrears are not looked on favorably

Second Chance Flyer

Which car financing product is right for you?

Deciding on the right car finance option for your situation can sometimes be confusing. Commercial hire purchase, chattel mortgage, novated lease are just a few of the car financing options. Platinum Direct Finance can assist with your decision making and make the process simple and easy.

Why use Platinum Direct Finance?

The Platinum Direct Finance group of companies will finance over 800 million dollars worth of equipment and car finance this year! Due to this volume and buying power, we can give our clients access to the best boat finance rates and boat financing products across Australia.

Need further information?

If you require further car finance or car leasing assistants, either complete our friendly enquiry form or call an experienced finance consultant on 1300 554 553 today.

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