Second chance car finance is an easy and exciting process. With the right people helping you secure a bad credit car loan, it can be a rewarding and fulfilling experience. Imagine being approved for a car loan despite your credit rating and having a chance to repair you credit score once and for all.

A bad credit car loan is a positive step towards repairing your credit history.

How does it work?

The best way to start the process is by speaking with a finance broker and informing them about your situation. Be honest about your credit score and other financial circumstances in order for them to help you get an approval.

Check your credit report – There may be some inconsistencies that you can dispute in order to get a better score. Check for incorrect payment status, outdated info, incorrect reports due to confused names, wrong notations for closed accounts, etc.

Repair you credit history – If your immediate credit history is less than pleasing, you may have to fix it first before applying for a bad credit car loan. This may take a little time. Your chances of getting approved will be better afterwards.
Boost your bank statement – Having some money in the bank means you are able to save and manage your finances well. If your account balance is increasing for the last 6 months or one year; that is a very positive sign for any potential lender.
Employment status – If you are a casual or a part-time employee, it will be a may be more difficult to secure a loan, but not impossible. However, if you are employed on a full-time basis for a minimum of 6 to 12 months, the chances of being approved improve dramatically.
Residential Status – A permanent residence with a good rental or mortgage payment history may al;so assist in being approved.

How to choose who to work with for a bad credit car loan application

There are many finance brokers that offer assistance in securing a second chance car finance but only a few of them can actually deliver. Here are some of the things to look for when deciding who to trust your car loan with.
Years of experience in the industry.
Number of lender partners.
Turnaround time.
Success rate.

Preparation is key to getting approved for a bad credit car loan. Most of us do not know how to navigate the ins and outs of the financing process so having a knowledgeable person to guide you is important.

If you want to get started right away, contact us now.

1800Approved is an award winning finance broker - Australia's Broker of the Year for 2016 !  We have helped tens of thousands own their dream car, boat jetski or caravan and/or finance business equipment. Let us help you finance your dream car today. Call us at 1800 277 768. No obligation.

Further reading: Bad Credit Car Loans for Private Sale Vehicle