No Credit Check Car Loans
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No credit check car loans
No credit check car loans – the myth
Millions of Australians utilise car finance to get on the road, and past credit problems don’t necessarily provide a barrier. However, no credit check car loans are something of a myth. Reputable lenders do check your credit history when you apply for car finance, but that’s not the only qualifying factor. It’s essential to get the best advice and knowledge about car lending before you apply for a loan – because choosing the wrong loan provider can be extremely costly.
How Savvy can help
At Savvy, we help many Australian car buyers qualify for vehicle finance, and believe past credit issues shouldn’t be a barrier. That’s why we partner with a diverse range of car loan lenders and offer borrowers more than just a standard service. Going it alone can be challenging if you’ve had credit problems. Savvy can help you research financial products, understand lender requirements, and increase your chances of qualification – no matter what your history.
Why choose Savvy for your car loan?
It’s not just your credit check
Car loans made your way
Reputable specialist lenders
How to improve your credit check results?
Access your free report
Not everyone realises this, but mistakes can affect your credit check. Sometimes, lenders forget to update records, so it’s worth doing a ‘self-credit check’ regularly. You can see your report once every year for free, or each time you get refused credit. Ask lenders to update or remove any out-of-date entries.
How long defaults stay on your file?
Even correctly entered defaults stay on your history for several years, but they do eventually get removed. A default gets recorded when you owe more than $150, and that’s late for over sixty days. Defaults appear on credit checks for five years, but you’re entitled to have entries updated to reflect when you’ve paid them off – even if the payment was late.
Court judgements and Part 9 Credit Agreements also stay for five years. Bankruptcies usually last for three years before you get discharged. Different credit reporting agencies treat removing that from your credit file in differing ways. Some will erase it two years after your bankruptcy process ends, while others will count five years from the day you filed for bankruptcy.
Don't apply too many times
Avoid applying for too many loans in a short period. Every time you make a credit application, an impression is left on your report and is visible to lenders when they do a credit check. Making a simple enquiry or quotation request, like you would with savvy won’t affect your credit file.
Set a budget
Sitting down and working out precisely what you can afford – using your disposable income – is the best place to start repairing a bad credit rating. Very few people get into trouble repaying credit because they mean to – often, it’s just a case of poor planning or unexpected events. Remember, owning a car costs more than just the price. Repairs, maintenance, insurance, registration, and fuel add up over time. Include all applicable costs in your budget. If you’re looking at buying a relatively old car, allow yourself enough wiggle room to cover any extra maintenance and repairs that may be needed down the line.
Repair your credit history
Everything you can do to improve the results of your credit check is a plus when it comes to applying for a car loan – and nobody is a lost cause. Now that you know what can cause credit check problems, being mindful of those factors and maintaining a healthy credit score will see you recover relatively quickly. Stick to responsible bad credit car loan lenders, get good advice, and you'll be back behind the wheel in no time.
What our customers say about their finance experience
Savvy is rated 4.8 for customer satisfaction by 3366 customers.
