What is a bad credit car loan?

What is a bad credit car loan? If you’re wondering this, you’ve come to the right place! A bad credit car loan is usually aimed at those to have a bad credit score and used to get them financed for a vehicle. Generally, bad credit loans are designed for people with any kind of bad credit, including those who may have had trouble keeping up with previous loan repayments.

While you will need to have a steady income to qualify, you might find that getting a bad credit car loan could be helpful if you’re in need of a vehicle. There are many benefits to a bad credit car loan, including a chance to improve your credit rating, and having the opportunity to purchase a car even with a bad credit score.

Read on below to find out more about bad credit car loans.

What is a bad credit car loan?

A bad credit car loan is a specialist loan that is used to help those with a bad credit score be financed for a car or a vehicle. Bad credit loans are designed for people who may have previously found repayments difficult to keep up with, or who have not had the financial experience to have a high credit score. Generally, anyone who has any type of bad credit can apply for a bad credit loan.

Those who do have bad credit can sometimes find it difficult to meet the application criteria for a standard loan due to their credit history. The biggest advantage of a bad credit car loan is that it can allow borrowers with bad credit to access finance. It’s even possible that a bad credit car loan could help to improve your credit score, provided that you are able to make all of the scheduled repayments on time.

What are the benefits of bad credit car loans?

Fast approvals, subject to meeting the lending criteria
A chance to improve your credit rating
A chance to purchase a car even with bad credit
A tailor-made loan to suit your circumstances

A bad credit loan can be helpful in improving your credit rating. Paying off your loan on time will improve your credit and show other lenders that are you are not a high-risk customer. Fixing your credit score with a bad credit loan could also help you to access better loan terms and even larger loans in the future.

How can I qualify?

To qualify for a bad credit car loan, you will need to show an ability to your repayments on time.

When you apply for your bad credit car loan, it’s best to make sure that you have everything you’ll need to supply. Generally, showing your recent bank statements and payslips will be a necessary part of applying. Having stable or long-term employment is also usually a prerequisite for any type of loan.

You may find that you need to supply the following when you apply:

Bank statements going back three to six months
Proof of identity
Proof of residency
Proof of employment

Each lender’s application criteria may differ, so it might be best to check that you have all of the required documentation ready before you apply.

Where does Tiger Finance come in?

To us, you are more than your credit rating. 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 loan in four easy steps. 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.

How we can help

Tiger Finance is here to help you to get your dream car regardless of your credit score. We can make the process simple and pain-free. 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.