Can I use a private lender to get a car loan?

If you’re looking at car loans, you might not have considered using a private lender over a traditional lender. Private lenders are a good option for those with a less than perfect credit history and credit score, as many private lenders will offer bad credit car loans. Private lenders are often able to have loans settled faster than traditional lenders, and you may not need to provide a private lender with as much paperwork as you might normally.

You might also find that a private loan will have some more flexibility when it comes to loan terms and that your credit history may not hold you back when it comes to approval.

Can I use a private lender to get a car loan?

There are many benefits to choosing a car loan through a private lender. Generally, private lenders are able to provide much more competitive rates than lenders such as banks can. In some cases, lending criteria with private lenders are less rigid. So, if your credit rating isn’t the best, a private lender might be able to give you a better loan than a bank traditionally could.

Private lenders are thoroughly regulated, meaning that they are a safe alternative to traditional forms of lending.

If you happen to have a bad credit score, private loans may also be helpful. One of the main benefits of a private loan is that your credit rating may not matter as much to a private lender as it would to a bank. Private lenders may be able to offer you different types of loans compared to a bank, which you may find better, especially if you have a bad credit score.

Benefits of a private car loan

Purchase a car sooner – Probably the best benefit of a car loan through a private lender is that you will generally be financed faster, compared to traditional lenders.
Credit history – Having a good credit history may not be necessary to gain loan approval from a private lender. Many people seeking car loans are rejected by banks for having less than ideal credit history. They then go on to successfully apply for a loan with a private lender.

Easy approval- Non-bank lenders specialise in offering loans to borrowers in individual circumstances. If you do have a bad credit history, or if you cannot prove your income via the traditional methods that are needed by banks, private lenders may be able to offer you an easy solution.

Fewer requirements – Banks will generally want excellent credit, a good repayment history, income requirements, and proof of income when approving your loan. Private lenders often have fewer requirements, making the whole car loan process easier.
Flexible payment terms – Private lenders may be able to offer you a more flexible rate on your car loan compared to a bank.

Where does Tiger Finance come in?

We have helped countless Australians with both good and bad credit ratings to be funded for their dream car. The lending criteria from other lenders can be unfairly strict when you have bad credit, and it can hold you back.

With Tiger Finance, we can help to get you a car loan easily. You will have a free consultation with one of our specialists, and we will tailor-make you a loan. We will negotiate with lenders on your behalf before you are approved. You won’t find an easier way to get approved for a car loan.

How we can help

Our loan experts can make the entire process simple and pain-free. We can find you the right loan quickly and easily. If you’re ready to drive away in your new car, call us today for your free initial consultation with one of our loan specialists.