Have you had bad credit in the past that still prevents you from getting loans or credit today? We understand that people sometimes make mistakes when it comes to their credit history, which is why we’ve created a way to help our second chance car finance.

If you’ve had bad credit in the past but you feel you’re on track now we can do our best to source a car or bike loan for you. We have managed to find second chance loans for people who have previously been bankrupt, finalised part 9, or have paid out previous defaults. While we can’t guarantee approval, we’ll certainly do our best to help find your car finance.

If you know you’ve had bad credit in the past make sure you call us to talk about your car finance. An online application generally won’t be approved if there issues in your credit history, but if you talk to us about it we can often work out something that will suit you.

What is Second Chance Car Finance?

Second chance finance, no matter what it is for, is a loan that has been given to someone with issues in their credit history. Many finance companies do not offer loan to people who have a bad credit history because they are seen as high risk and may not end up paying back the money they have borrowed.

When a financier approves second chance finance it is usually because although the applicant has a bad credit history, they have since;

  • Paid back defaulted bills
  • Reduced their outstanding debts
  • Proven they can pay back a loan (through payslips & budgeting for regular bills & expenses)

It’s important to keep in mind that second chance car finance often comes with a higher interest rate than a regular car loan, as there is more risk to the lender. Make sure you consider this when you decide on how much you need to borrow. You can use our car loan calculator to work out what you can afford and how making additional payments can save you money over the term of the loan.

How do I get a bad credit history?

There are a number of things that can result in having a bad credit history. Some of these include;

  • Late or missed payments
  • “Charged off” credit card bills
  • Too many credit or loan applications
  • Defaulting on a loan
  • Filing for bankruptcy
  • Foreclosures

Sometimes these things can be unavoidable or completely misrepresent your ability to pay back a loan. This is why we provide second chance finance for some of our customers. If you’d like to talk about second chance car finance call us on 1300 880 078 or fill out a contact form and one of our consultants will give you a call.