Looking for some advice/experiences with car finance. We were always a one car family due to financial difficulties. My then partner never held a job, drank and smoked away all our money as well as loosing his licence for a DUI. We split at the start of the year. We made an agreement that I would keep the car until August which coincided with him getting his licence back and the end of the registration period. After that it would be his.
Since he has moved out I am able to have so much more money. I have been saving but I have also been doing things for myself and my kids that we have never had the chance to do before. So when I do get a big bill like electricity I pay for it out of my savings. My savings are very up and down. I wasn't too concerned because I was relying on money I had coming which will now be not as much. Thought maybe I could get finace but when i did a credit history check I found a default I was unaware of from 2012. I have now paid it. I'm just wondering if anyone had success with getting finance at a car yard with a default and bank accounts that weren't outstanding? I'm really nervous about going and asking the dealership if there is no hope :(
.... It may be irrelevant but we split due to a long history of DV. Someone may know of a DV service that can help in this situation?
Bad credit finance
Bad credit finance
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Money
5 Replies
I'd try here first. It might not be a flash car, but my car that I paid $1500 for 5 years ago is still going strong today.
http://nils.com.au/#qualify
I hadn't heard of that before. That's really helpful thank you x
Speak to proper lenders, not bad credit ones (they charge crazy interest rates). One default that was paid immediately you found out should not be too much of a drama. Ask first because all applications for credit end up being listed against your file.
Call anz esanda and explain your credit history this happened to me they told me I needed to pay a 20% deposit. At the time I couldn't afford the deposit and got pre-approval through one of those bad credit brokers (the finance company ended up being through anz esanda anyway but no deposit was required). Once I found the car in the dealership the finance guy there gave me a few hints and said he could get me a better deal with a lower interest rate and it was approved within 30 minutes (the broker had taken 3 days to get me the loan contract). So it pays to shop around and just because you have that defult doesn't mean banks won't look at you, be honest at the time of application.
Be careful of that motor wizard finance.
We went thru them when we first moved to australia and it ended up being a lease!
Maybe try thru your bank to get a pre approved loan for a car. Will be a better interest rate.