By using LoanPlace.com.au you will Save Time, Save Hassle, Save Money and ultimately find the very best bad credit finance deal for you. No more roaming from website to website trying to pick up bits of information, and to find the best deals. To make things fast and easy for you we’ve put everything in 1 place – LoanPlace.com.au.
Whether you’re full time employed, part-time, casual, self-employed, retired or operating a small business, experienced professionals will help you find the right solution. Even If you’re on a working visa, a recent migrant or had credit problems in the past you will be matched with a specialist loan expert who can assist you.
LoanPlace.com.au is a free, independent service. We don’t arrange finance and aren’t tied to any particular lender or broker. To learn more about who we are and what we do click here.
Credit History Problems
Many people encounter credit problems. It may be that you defaulted on a loan or didn’t pay your phone or utility bills or even declared bankruptcy. There can be a variety of reasons why this happens but it doesn’t necessarily mean that you won’t be able to get a loan or lease.
Check your Credit History – In the first instance you should check your credit history to find out exactly what is listed on your credit file. Your credit file contains information about all of your credit activity over the past 7 years, including things such as loan and credit card applications, mobile phone accounts and in store finance. It details application dates, the company that you applied to, the amount that you applied for and what type of credit it was. The file also shows overdue accounts, payment defaults, bankruptcy and court judgement information.
How your Credit History is used – Lenders (banks, finance companies) can access all of the information contained within your credit file, and they use this information along with other details that they collect as part of their application process to determine your credit rating. Most lenders consider that analysing previous history is a useful way for them to predict future behaviour.
For more information on how to protect and improve your credit rating click here.
Bad Credit Loans
If you have had credit problems in the past you may have to consider what is commonly known as a bad credit loan. Many lenders may overlook small defaults with telecommunication or utility companies but would be likely to take a dim view of larger amounts and defaults on loans or credit cards.
Rate for Risk – If you have a poor credit history then lenders will consider you to be a higher risk. As a result some lenders will not offer you a loan at any price. Other banks and finance companies who may consider your finance application will charge higher interest rates. They operate on what is known as a rate for risk basis – in exchange for higher interest rates they will take on what they consider to be higher risk. This will make your finance and repayments more expensive.
Specialist Lenders – Some lenders deal specifically with bad credit loans and bad credit leases. They are often happy to take the risk to approve loans for people with credit history problems because they’ve handled many similar situations previously and have become expert in the area.
Credit History Repair – If you do get a bad credit loan you can potentially use this to improve your position for the future. Demonstrating an ability to borrow responsibly and make your repayments on time can help you in the process of repairing your credit history and put you on the road to lower interest rates.
Know what you’re getting into – Make sure you know exactly what you’re getting into before you sign up for a bad credit loan or bad credit lease. Consider the fees and interest charges, the repayment amounts, the total amount payable, the term of the loan as well as the option to make extra payments.
Options are available no matter if you’re buying from a dealership, auction or a private sale.
LoanPlace.com.au is here to help you make sense of it all by providing you with information resources and connecting you with experienced professionals who specialise in bad credit finance and will search their lenders to find the latest deals so you get 3 Free Quotes to evaluate and compare.
Check out our Other Great Learning Resources:
- How It Works
To learn how LoanPlace.com.au can help you get the very best bad credit finance deal click here.
- Loan Options Explained
You have a wide range of bad credit financing methods to choose from and compare, click on the options below to learn more:
- Bank and Finance Company Overviews
To learn more about the main players in the bad credit finance sector click here.
- Buyer Tools
To access a range of great tools and obtain inside industry knowledge to help you get the very best bad credit finance deal click here.
To get the latest news and tips click here.