No! It is possible to still get finance with bad credit, in this article we’ll walk you through everything you need to know about getting finance approved with bad credit.

Can I get car finance with bad credit?

Yes, you can! If you have a poor credit rating or have been knocked back by your bank or other financiers and brokers, we have accreditations with financiers who can give you a second chance at car finance. Having long and established relationships with our financiers means that we have the opportunity to tell them your story and explain to their credit assessors why you deserve a chance at car finance.

What can I do to improve my chances of getting approved for finance?

Firstly, make sure you pay your bills and current finance commitments on time. A potential lender is going to want to see that you can take responsibility for your current commitments as well as be able to support the addition of car finance as well.

Ensure if you move house that you update your contact details with any creditors or utility companies that you are using so that you don’t inadvertently miss any bills or final payments which could end up in a default on your credit file.

Speaking of credit files, make sure you know what is on yours. You can get a free copy of your credit report once a year from Equifax. Make sure you check all the information in your credit report is correct. If you see any errors or have any questions about something that is on there, call the company who listed the debt directly for further information.

Once you have a copy of your credit report, if you have any unpaid defaults listed on your report, financiers will look a lot more favourably on your application for finance if you are able to pay any existing defaults out. This will open a lot more finance options and show potential financiers that you are taking responsibility for your finance.

Where can I get more information?

For more information on getting finance approved with bad credit, visit our bad credit car loans section or give our friendly Finance Consultants a call on 1800 538 287 for an obligation-free chat about your car finance options.