does anyone have any advice on lenders that are slightly more lenient on lending? We need a new car and although we've never not paid our bills we did struggle for 12 months when my partner lost his job so some bills were paid late. We can afford to pay a loan now as our financial situation has changed but worried that our previous credit history might make it impossible.
2 Replies
Try going to see a mortgage broker they will know about particular lenders and what they are looking for.
Start off by getting a copy of your credit report to make sure it's accurate and to know what is on there. Depending on how late you paid your bills and whether or not you get payment extensions, it shouldn't be on your credit file that you were late unless they were huntimg you down and going to debt collectors. Keep in mind however that with recent changes to credit file law companies can now put your payment history on your file, I don't think it can be backdated though.
I would also recommend going to getcreditscore.com.au.
If you fill out the form on the above website it should give you an instant credit score and what that means. The higher the score the more likrly you'll receive approval for a loan. You can use this website once a year and it's legit.
You'll probably also find that lenders will be more willing to give you a car loan as they have something that can be repossessed if you fail to pay (unlike a loan for a holiday, for example).
Good luck!!