If you are bankrupt this does not mean you cannot work. In fact it’s recommended you continue working to pay off any debts that are remaining according to your plan with the creditors. Over your bankruptcy period attempt to pay all your commitments in a timely manner! You don’t want to add any defaults to your credit file, this will make it much harder to qualify for a loan when you are discharged. Bankruptcy usually lasts for 3 years unless it has been extended to 5 or 8 years. Although you will eventually get discharged, it will remain on your credit file for a few years after until it eventually drops off.

Many individuals want to get financed whilst they are bankrupt, this is not possible. Once you are discharged for a minimum of 12 months a financier will be able to help you, in the meantime do not apply anywhere. The more hits you have on your file the less chance you will have later on. It is recommended you have no more than four finance enquiries per year, financiers do not like a busy credit file.

When you are discharged and are looking at financing another car or boat there are many brokers that will be willing to assist you. These days there are financiers that are specifically in the market to provide second chance lending. Although they cater to assist individuals who have had a bit of a bumpy ride in the past, expect to received an interest rate that is slightly higher.

If you would like more information on how to go about getting finance after you are discharged contact Natloans on 1300 955 791 or have a browse on www.natloans.com.au

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Two main factors that contribute to the interest rate is the loan term, credit history and the customer’s profile.

The longer the loan term is the lower the rate will be. However, if you expand the term too much you may find that you have been paying more interest than predicted. An ideal term would be 5 years, but it will vary according to the affordability of the customer.

If you have had a bad credit history the chances of you getting a loan are moderate, but be prepared to be faced with quite a high interest rate. This is due to lenders wanting to feel comfortable that you will be repaying the loan back and not defaulting again. For first time buyers it is imperative they receive the best advice from the beginning of the loan experiences. Remember not to apply to many financiers as this will affect your rating and may minimize your chances of being eligible for a loan, even though you have a clear record.

A customer’s profile depicts to a financier how strong they are, they take into consideration their occupation status, children, expenses and most importantly the wages. If a customer can’t afford to pay their commitments, no lender will be up for giving them a loan.

So before thinking of applying for a loan, contact your local financier for some advice! Remember don’t apply unless you are sure, you don’t want unnecessary hits on your credit file!

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What you must remember is that when dealing with a consultant you must be as honest as you can, they will find out if you are giving them inaccurate information. Whether you contact your local bank or a finance company they will most likely check your credit history to see if you have ever been bankrupt or had any defaults. What people don’t realize is that simply delaying bills it can be listed on your file and make it that more difficult in getting finance. Undesirable information can remain on your file for up to 7 years!! So next time you are due to make a payment be sure to have your money ready to go, even if it means paying it a few days earlier.

Did you know?

Making numerous enquiries to various finance companies will lower your chances of getting finance. Consultants can view all your enquiries on your credit file. If you speak to the right people about how to go about eliminating your defaults they will guide you to take the necessary steps to buy your new car. Natloans specializes in helping individuals with bad credit. Yes! You may not be eligible for a loan straight away, it may be 3, 6, or up to 12 months later you will have second chance of driving away with a new car.

What you can do to improve your credit file?

1. If you are aware of an unpaid default make sure it is paid completely before contacting a financier
2. With your new loan make sure all repayments are paid before the due date and are not in arrears
3. Don’t make too many enquiries to finance companies
4. Ask your local financier for more advice

Natloans deals with hundreds of clients that have had previous issue with their credit files, they have helped individuals who have lost everything get back on their own two feet. Our consultants go above and beyond to find a solution for all their clients, do not hesitate to contact us on 1300 628 562.

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In the past being bankrupt or having a bad credit file made it almost impossible to get finance anywhere. We all make mistakes, but how are we supposed to improve if we aren’t given a second chance? In today’s society the issue of having a few defaults on your credit file doesn’t eliminate the chance of purchasing your dream car – second chance car loans. It’s all about finding the right place to get finance where financiers understand exactly what you are looking for and are willing to go the extra mile in getting you the ideal loan.

Where can you find this type of service?

Brokers are specifically trained to guide their clients in finding the right car to satisfy their needs with the best interest rates possible. They aim to find the ideal lender that you are suited to, getting you a better deal than what you would have obtained on your own. A major advantage is the interest rates offered, brokers are able to negotiate with lenders for a lower rate than the Banks, this is the point of difference between a Finance Company and their competitors. Remember never, say never, there are people that are willing to give you and opportunity and guide you through with constant support in order to accomplish your dreams.

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