Second chance financing is available to buyers looking for car finance in Australia. It’s unfortunate when a buyer is denied by other car finance lenders because of previous repayment discrepancies, but it’s not hopeless. Car finance is available to those who have an impaired credit history and even some with a bad credit history. No one is fully and completely denied the chance to buy a new or used car without checking with a second chance car loan provider.
Prove You Can Repay a Car Finance Loan
If you can prove your ability to repay a Stratton Car Loans, you’re more likely to be approved by a car finance lender that works in the second chance financing industry. You’ll need your current statements and your credit history to show you have the income and funds available to repay this car finance loan. This is helpful to Australians with a challenged credit history that do make their payments on-time and in full now. For example, if you can prove you’ve been repaying your obligations for many months or even years despite your still negative credit profile, a second chance car finance lender is more willing to work with you.
Pay Other Debts
One way to increase your chance of approval for a second chance finance option is to pay off other debts and negatives. If you can free up some of your income and work hard to get your finances in order, lenders are more likely to work with you. This gives you a bit more credibility when it comes to the finance options of the car buying process. Australian lenders look favorably on those who consolidate their debt because it makes their repayments simpler and more affordable.