Are you in the market for a car loan but you know there are black marks on your credit report? Or perhaps you’re young, new to the workforce and have no credit history. Either way, you might be wondering whether guaranteed car loan approval is an option for you.
In Australia, the National Consumer Credit Protection laws prevent lenders from offering guaranteed approvals to loan applicants. It might sound harsh, but the laws are in place to protect you by ensuring loan providers practise ‘responsible lending’. This means they must assess your current financial situation, how much you want to borrow and your ability to repay the loan without creating financial hardship down the track.
Even though guaranteed approval is not available in Australia, there are other options for people with bad credit or no credit, so don’t lose heart.
Some lenders are willing to provide car loans for people with bad credit scores or no credit history as long as they feel sure you’re able to make repayments regularly without falling into financial difficulty.
Plenti can tailor a car loan solution to suit your circumstances, including competitive rates and flexible feature, even without a good credit score.