So, you’re excited to get a new car and go on that well-deserved vacation on the Great Beach Drive. Or maybe you want to explore the entire Sunshine Coast in a new, shiny SUV on your day off.
Yes, getting a new car is indeed exciting. Unfortunately, your credit score is giving you negative vibes. Can you get the right car finance with bad credit in Brisbane? Will your car loan application be approved?
Thankfully, the answers to your questions are positive. Many lenders in Brisbane cater primarily to Aussies with poor credit history. And they can even help those with good credit standing who lenders still reject.
But what can you do when traditional lenders deny your car loan application?
Why was your loan denied?
When you learn that your loan is denied, the primary thing you need to do is to find out why.
Lenders in Brisbane reject car loan applications for different reasons, and two of the main ones are poor credit standing and insufficient funds, which may mean your income is inadequate. Other reasons include:
- Incomplete documents
- No or low down payment
- Employment instability
- Young credit history
- Poor debt to income ratio
Your chosen financial institution will send you a letter explaining why they rejected your loan. But if you don’t get a letter, you can always request one.
Find a solution to the reason for your loan rejection.
Once you understand the reason for the loan rejection, you can start looking for solutions and apply again.
If the rejection was because of your low credit score, you need to improve it by paying your current loans and bills on time. Or you can apply for a lower loan amount and look for an affordable vehicle. Better yet, try looking for a new job that will give you a higher income.
Whatever the lender’s reason for rejecting your loan is, you need to fix it and try again. Just be patient and smooth out all the requirements before going for a second try.
Unfortunately, the result of your second loan application will not always be in your favour. When that happens, it’s time to move to the next option.
Look for other car loan alternatives.
When you can’t get a car loan from conventional lenders, you need to look elsewhere for the proper financial assistance. And in this case, you will most likely find luck with private companies that accommodate any Australians, even those with bad credit.
Yes, some lenders offer car finance with bad credit in Brisbane. Such companies provide customized services and develop flexible payment plans to answer your financial problems. And you can get approved in 48 hours.
So, even if a bank and other government entity rejected you, you can always turn to private lenders in Brisbane and purchase the car you want.
You might feel discouraged when lenders reject your application for a car loan. Because even though your credit history is good and your income is sufficient, they can still deny your loan.
But don’t be hopeless. When you find the right lender, you will eventually get the loan you desire, and your second chance at a car loan will be a success. Then, you can go on that drive you’ve been dreaming of and see all that Brisbane has to offer.