Bad Credit Truck Loans

Bad Credit Truck Loans

Business Xpress Truck Loans

Are you having trouble getting a commercial loan for a truck you desperately need to add to your fleet? Has a mistake led to some bad credit that is continuously coming back to bite you? Tax Returns or other Financials not completed due to more important things keeping you busy?

Trust us, you are not alone in the predicament mentioned above. However just because bad credit is haunting your credit report, do not let it stop you any longer from getting that new addition or upgrade to your fleet.

At Auto Link Finance we understand the difficulties and annoyances of getting commercial finance today, most lenders set their guidelines out for businesses to have their financials/tax returns done and for them to have clean credit leaving those with bad credit out to dry. Be that as it may, Auto Link Finance is now able to offer a new product we have brought on board called Business Xpress Loan.

Business Xpress Loans have made getting commercial finance such as bad credit truck loans easier than ever. What makes this product different to others for bad credit truck loans, you may be asking? First of all, we are understanding that your priorities will be on the road, driving your truck or running your business so no financials, no worries, all that is required for income verification is 3 months business bank statements showing consistent income and enough income to service the loan payments.

What about defaults and judgements?

We can assist with those too, provided there are no unpaid finance defaults or judgements are over $3,000 within 2 years unless it has been under a payment arrangement for at least 6 months. We can also help if there are no unpaid finance defaults or judgements over $7,000 in 5 years unless it has been under a payment arrangement for at least 6 months.

There are some exceptions to the amount of each default/judgments listed above, if you can display a good payment history on any other current loan/rental contract you currently have that has been running for 12 months or longer with no late payments.

Loan amounts range from $10,000 all the way to $75,000 with loan terms between 36 – 84 months depending on the age of the truck.

If you are a discharged bankrupt, that isn’t an issue, all that is required for you to be accepted is to be a minimum 6 months discharged from bankruptcy.

Minimum Requirements to Qualify

  • Must be ABN registered for at least 6 months
  • Must have at least a 10% deposit, i.e. if the truck purchase price is $75,000, then your deposit towards the purchase will be $7,500 and the loan amount would be for $67,500
  • Must provide 3 months of business bank statements showing all business income going into the business account.
  • Must not have any payday loans
  • No unpaid finance defaults or judgements are over $3,000 within 2 years unless it has been under a payment arrangement for at least 6 months.
  • No unpaid finance defaults or judgements over $7,000 in 5 years unless it has been under a payment arrangement for at least 6 months.

Not after a bad credit truck loan? Perhaps another piece of business equipment or vehicle takes priority, that’s no worries, our Business Xpress Loans apply to a wide range of business equipment and vehicles. So, don’t put it off any longer, click the apply now button and reap the rewards of a Business Xpress Loan today.

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Part 9 Debt Agreement Loans

Part 9 Debt Agreement Loans

Getting A Car/Motorbike Loan Whilst In A Part 9 Debt Agreement.

Important things to know before you apply for a car/motorbike loan whilst you are in a part 9 debt agreement, and below we will also list out what you will need to supply upfront as part of the loan assessment process.

For those of you who may or may not be aware, a part 9 debt agreement is a form of bankruptcy, and due to this being a form of bankruptcy there are limited second chance lenders in the market place that will assist/consider an application for a car loan or motor bike loan, at this stage the only loans available for those in a part 9 debt agreement is either a car loan or motorbike loan, and there are only 3 second chance lenders available to choose from, whilst all other second chance lenders will require you to be discharged from the part 9 debt agreement first.

Below are the requirements/conditions to qualify for an opportunity to get a loan whilst in a part 9 debt agreement.

How Long You Need To Be in a Part 9 Debt Agreement.

  • With lender 1. You need to be in your part 9 debt agreement for 6 months minimum
  • With lender 2. You need to be in your part 9 debt agreement for 12 months minimum
  • With lender 3. You need to be halfway through your part 9 debt agreement

Maximum Loan Amounts

Loan amounts that are available for those in a part 9 debt agreement can be anywhere from $12,000.00 to $25,000.00, there are a few factors that will determine how much you can get which will be based on your overall profile, how much surplus income you have that can be used for the repayments after all liabilities have been deducted, how long you have been in your job, and which one of the lenders we can use as listed below.

  • Lender 1 & 2. Will only fund a maximum of $12,000.00 for the purchase, plus their fees on top
  • Lender 3. Will only fund a maximum of $25,000.00 for the purchase, plus their fees on top

 Other Minimum Requirements.

  1. Employment status and term of employment
  • You must be employed!
  • Full time permanent – 3 months minimum with current employer, with a total 12 months continuous employment history.
  • Full time casual – 3 months minimum with current employer, with a total 12 months continuous employment history.
  • Part time permanent – 3 months with current employer, with a total 12 months continuous employment history.

Compulsory Documents Required & Conditions

  1. The last 3 months transaction history of all bank accounts held in your name, directly backwards from the day you apply.
  • Bank statements must not have any dishonors on them and must also not show that you overdraw your account on a regular basis.
  1. Last 2 pay slips, no more than 30 days old from the day you apply
  2. A copy of your part 9 statement from the start date showing your repayment history
  • Your part 9 statement must not show any late payments.
  • Your part 9 must also be up to date and have no areas showing.

Other Conditions.

  1. You must not have any new defaults or judgements after the date you started your part 9 debt agreement.

If you require any further information, please contact our office and speak with one of our Senior Loan Specialists on 1300 982 279

Or apply now for a Free Loan Assessment using the Apply Now button below.

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Bad Credit Warning Signs!

Bad Credit Warning Signs!

What it May Mean for Your Loan Application

The irony of a credit score is that, a lot of the time, people don’t know what theirs is like until they need to rely on it or when they apply for a loan/credit of some sort.

If you’re thinking of making a big purchase such as a car, motorbike, boat, jet ski, caravan etc, then chances are, you’ll need a loan to make it happen, and chances are when you apply for that loan, your lender will be looking very closely at your credit history.

So, how do you know if you have bad credit? And if you do, what does it mean for your loan application?

What is a Bad Credit Score?

Your credit score is basically an expression of the risk of lending you money from the viewpoint of lenders. The number itself is derived from a sum total of your credit history which, when pulled together, is the statistical ‘proof’ of how likely you are to make repayments (for loans, bills etc.) on time – or at all.

Even if you have a broad financial history, with loans and credit cards from a few banks and other financial institutions, you will only ever have one credit score. The final number of your credit score pools together all this financial history – from all the banks and other financial institutions you have ever done business with – and condenses it into a single number.

The number itself sits somewhere between 0 and 1200. The higher your score, the lower the risk – or the more trustworthy lenders will consider you. Conversely, the lower your credit score, the higher the risk and the more difficult your credit application will be.

How Do You Get a Bad Credit Score?

To begin explaining how you get a bad credit score, it is first easier to explain how to maintain a good credit score. Most of these things are pretty basic and are simply what you would expect a potential lender to want you to do.

Some keys points are:

  • Make repayments on-time – no matter how small
  • Don’t miss repayments
  • Don’t skip payments altogether
  • Pay attention to reminder notices and respond promptly
  • Don’t max out your credit cards or go over the limit
  • Make the effort to check your credit report regularly to make sure there are no mistakes
  • Fix any mistakes that have been made on your credit report as soon as you find them

Getting a bad credit report is easy – just do the opposite of the above list. Even if you do most things on the list, except that you regularly make late repayments, this will lower your credit score. The more late you make repayments, the more your credit score will be adversely affected.

Some Warning Signs that You May Have Bad Credit:

Usually, it is pretty obvious if your credit is not good. If you owe money, the debt collectors who are chasing it will make it fairly clear in a number of ways that they are aware of your deficit. Some of the more serious warning signs include:

  • Multiple phone calls from debt collection agencies
  • Multiple letters from debt collection agencies
  • Multiple unpaid bills from one or more providers
  • Overdue balances
  • Credit card defaults
  • Notices from debt collectors
  • Late repayments on current loans you may have

Any of the above signs is bad news for your credit report. If any of these apply to you, then it might be time to start thinking about repairing the damage.

How to Check Your Credit Score

Even if none of the above-listed signs apply to you, if you are thinking of applying for a loan then it might be worth your while to check your credit report – even if just for your own peace of mind.

Checking your credit score can be done through Equifax an Australian credit reporting agency. In some circumstances this process is free, but it can take time and requires a written application, proof of identity and some patience. It can be quicker if you are prepared to pay a fee.

Tips for Fixing Your Credit Rating

Once you have a bad credit score, it can be hard to repair the damage. Often there is a Catch-22 involved in getting back on track: to repair your credit report, you need to use credit responsibly. But if you have bad credit, it can be difficult getting access to that very credit you need to use.

Sometimes the easiest way is to start small before you go big. For instance, taking out a small loan through a non-traditional lender can be the first step to proving you are financially trustworthy. If you prove that you can make repayments on time with a small loan, then lenders may be willing to give you the benefit of the doubt with a larger loan.

Ultimately, repairing your credit score takes time and patience. You will need to regain the trust of traditional lenders. Start with a small loan that you are confident of being able to repay. Be very diligent in meeting your repayment commitments, then, over a period of time, gradually increase the amount lenders are willing to extend you and make sure to meet the increased loan commitments. Your ‘new’ and improved track record will demonstrate that the lenders were right to grant you more credit.

How Will Bad Credit Affect Your Loan Application?

It is not impossible to get loan approval with a bad credit history. Though it can be frustrating and sometimes time-consuming, there are still some lenders who are willing to give you a chance.

For years, Auto Link Finance has been helping Australians with bad credit get loan approval to finance their dreams.

If you want to talk about your options for getting a loan with bad credit, call our bad credit loan specialists with over 30 years’ experience on 1300 982 279

5 Tips About Bad Credit Loans

5 Tips About Bad Credit Loans

5 Handy Tips About Bad Credit Loans

If you have bad credit in the past and you’re now financially stable and looking to get a lender to provide you with a loan, the good news is: many reputable lenders are prepared to give you a second chance. Getting a car loan with past bad credit is possible – provided you tick all the right boxes and provide the lender with good reasons to give you a loan and a second chance.

Many people in this situation submit poor quality applications – often the same poor-quality application repeatedly, hoping that one will eventually be approved. Unfortunately, this approach does not work, and it also damages your credit score as every enquiry you make with a lender drops your credit score. Finance companies tend to be quite rigid in their lending criteria – they′re looking for good reasons to approve your finance application, and its best to leave the application process with a reputable finance broker that specialize in this area.

The following tips can assist you in demonstrating those reasons for a lender to give you a second chance.

1. Honesty
It′s vital to be completely honest in every statement/details you make/provide in your application. If you have a bad credit history, you can rest assured that financiers will investigate your loan application closely. Failing to disclose your previous credit history & failing to give accurate information on your loan application, such as how long you have been at your address, all current liabilities, how long you have been at your current job, whether your full time, casual or part time, only for it to be found by the financier is an immediate red flag and your application for finance will be declined.

Of course, honesty alone is not enough – you need also to be careful you make complete statements in your application. Don′t leave anything relevant out. Withholding information – even information that you believe might damage your application – is a much worse idea to hold back this information than full disclosure.

Auto Link Finance encourages full disclosure as part of our free credit assessment process, this way we can give you a true and accurate outcome of your chances to secure a car loan or loan of any type today, and if you don’t qualify for finance today, we will provide you with general advice on how to repair your current situation and when to re-apply with a better chance to get finance.

2. Your Credit History
Always access your credit file online before applying for a bad credit car loan (accessing your credit file is free and easy). It’s a great way to see exactly where you stand. If there′s an entry or entries you don′t understand, you are free to contact the companies listed on those entries for further information. Also, the more legwork you do in the lead-up to your application, the less legwork is required on the part of the application assessor – the result being your application will be dealt with faster. Being well prepared, up-front and complete in your application helps build confidence in the mind of the financier.

3. Banking Records
Your recent bank records are an essential part of a bad credit car loan application, bank statements for the last 3 months from all bank accounts held in your name are a compulsory requirement from all lenders that look at people with past bad credit. These will be reviewed carefully. It′s essential to prove that you can live within your means and demonstrate that you don’t over draw your account on a regular basis, any existing debts you are paying off are being honoured and there are no bounced or reversed payments in that time frame. Having the capacity to save regularly & showing some sort of savings even if it′s only a small amount each week, can also be a great advantage but not compulsory requirement, it is excellent if you can demonstrate the capacity to save – which, when you think about it, demonstrates that you have some surplus income you can devote to loan repayments after covering your regular living expenses.

If your account gets overdrawn regularly, or if any direct debits are regularly dishonoured because of insufficient funds, this reflects poorly on your ability to meet your current commitments and that alone will cause the lender to decline your application.

4. Loan and credit card history
If you have credit cards, or any other loans, your repayment history with these commitments will be carefully reviewed and must be perfect or very close to perfect for the last 6 months. You need to demonstrate a consistent history of making the payments on time. In the case of a credit card, it′s a good idea to demonstrate you′ve made more than the minimum monthly payment required. A solid recent history with credit will go a long way to ensuring your current application is reviewed very favourably.

5. Employment
A reliable, regular income is essential because you need this to service any future debt the financier may approve. If you have a solid employment history, this will reflect well on your application. Generally, you′ll need to have been employed beyond the probationary period with your current employer. If you′re employed on a casual basis, you′ll need to demonstrate a reasonably long relationship with that employer – say, more than 3 months at least, with consistent employment for the last 12 to 18 months. In general, however 3 months in your current employed is still considered to be fine, having had many different employers in a short span of time doesn′t assist a bad credit car loan application, because finance companies are looking for you to demonstrate a solid, stable income source to service the debt.

 As a part of our free loan assessment here at Auto Link Finance, we go over all these items with you to make sure you tick all the right boxes, so as you can see there is a lot to think about when applying for bad credit car loans, bad credit bike loans, bad credit boat loans or bad credit loans of any type, it is very possible to get a bad credit loan in Australia if you tick all the right boxes.

Call a bad credit Loan Specialist now on 1300 982 279, our service is Australian wide or apply on line today to get a no obligation free loan assessment.

 

 

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Bad Credit Loan Check List

Bad Credit Loan Check List

What You Need To Check First

It is always better to be prepared when you apply for a loan and you have had bad credit in the past. Our bad credit check list will help you increase your chances.

  1. You must have a steady and reliable income
  2. Any and all income sources must go into your bank account
  3. You must not have had any credit problems in the last 6 months from the date you apply
  4. You must not have more than 2 pay day loans current at the time you apply
  5. Any current loans or debts you have, must have a perfect repayment history for the last 6 months from the date you apply

Employment

  1.  Casual employment, greater than 3 months with current employer
  2.  Part time employment, greater than 3 months with current employer
  3.  Full time employment, greater than 3 months with current employer
  4.  Agency employment, greater than 6 months with the one agency, with consistent employment in that time

 

Other income sources we accept on top of the above.

 Centrelink

  • Family Part A & B
  • Parenting payments
  • Disability Pension
  • Retired pension
  • Self-funded pension
  • Disability support pension
  • Veterans Pension

Compulsory documents required from you when applying for a bad credit loan.

  1. Evidence of all income sources, if employed we would require your last 2 pay slips, if you also get centrelink income then we would need a recent centrelink income statement
  2. A transaction listing from all bank accounts held in your name for the last 90 days
Getting a Car Loan With Defaults

Getting a Car Loan With Defaults

Getting a Car Loan With Defaults

Getting a car loan with defaults/judgements
Getting finance once you have had defaults/judgements is very achievable and yes you can, but isn’t easy as most people think, why you might ask, because there are a lot of various scenarios that must be considered that can either get you approved or declined, its not as straight forward as having bad credit, applying for a loan and getting approved.
Everyone’s circumstances are different, there are various types of defaults and court judgments, some are accepted, and some are not accepted, in this article we are going to try and give you a better understanding of this and provide you with some important information on what will help/increase your chances of being more successful when applying for a car loan with a bad credit history.
When applying for a second chance car loan, there are a few things that a lender must consider when assessing an application which will make all the difference on a successful outcome or not, these are listed below.

Your check list for a successful outcome

1. Employment
You must be employed in your current job for at least 3 months, of course the longer you have been in your current job the better it is.

2. Current financial position
Your current financial position and the last 6 months, a lender is going to look at this to see that you are now and for the last 6 months in a good financial position and you are not currently and for the last 6 months going through any financial hardship, if you are then they won’t give you a loan, its common sense don’t you think.

3. Current debts
Current debts/loans you currently have must have a perfect payment history for the last 6 months only, if you are missing payments on any current commitments, then this will display that you are finding it hard to manage your current commitments and adding another loan to that list is not financially viable, and you will get declined.

4. Banking conduct/bank statements
Bank statements are a compulsory request from all second chance lenders, and they will need them for the last 3 months and in some cases the last 6 or 12 months, but in almost all cases they only require the last 3 months, the purpose of this is for a few reason listed below.
They will look to see that your pay goes into your bank account and calculate your average income over the last 3 months.
They will look to see that all liabilities have been disclosed on your application to ensure that they have all been allowed as part of their serviceability calculations and you can afford the loan you are applying for.
They will look to see that you are not over drawing your bank account on a regular basis, if you are then this will display that you are currently struggling with the financial commitments you currently have and providing you with a loan will not be viable and you will be declined.
They will also look to see that you are not dishonoring any payments with current debts you are paying off, if they see multiple dishonors here then you will also be declined, the odd exception to this maybe if you have had one or 2 dishonors with a very good reason and the payments were made up immediately then this maybe ok but will be looked at on a case by case basis only.
So, as you can see bank statements are not only compulsory, but they play a very, very important part of a lenders overall assessment when considering someone for a second chance car loan.

5. Pay slips/income
Pay slips are also required and are compulsory, a lender will always request your last 2 pay slips no more than 30 days old.
they must be proper pay slips and not hand-written pay slips, if you don’t get pay slips then they will require a letter from you employer on there letter head (proper business letter head) which will state your term of employment, gross income, net income, year to date earnings, your title and your position such as full time, casual or part time etc.
pay slips are also matched against the deposits going into your bank account for authenticity as well.
Your pay must go into your bank account, if it doesn’t and you get paid cash, then it is almost impossible for a second chance lender to consider your application for a loan, in some case they may want a recent tax return and ATO notice of assessment.
One of the most common questions a lot of people wonder about when considering to apply for a second chance car loan, is do defaults need to be paid, unpaid, on a payment arrangement, how many can I have before it’s to many, and how old do they need to be before I can apply, below we are to try to go over this, however these will be some examples and do not represent a guarantee nor does it suggest that you may me declined as they will all be looked at a case by case basis

Types Of defaults/Judgements

1. Finance defaults/Judgements

  • Pay day lender loans: these types of defaults would need to be at least 6 months old and, in some cases, they would need to either be paid or under a payment arrangement for a period longer than 6 months depending on the size of the default & how many you have.
  • Personal loans: these types of defaults would need to be at least 6 months old and, in some cases, they would need to either be paid or under a payment arrangement for a period longer than 6 months depending on the size of the default & how many you have.
    Credit cards: these types of defaults would need to be at least 6 months old and, in some cases, they would need to either be paid or under a payment arrangement for a period longer than 6 months depending on the size of the default & how many you have.
  • Mortgage: mortgage defaults are very difficult to assist with, these would have to be paid in full, however if it is a small amount for example under $10,000 and has been under a payment arrangement for a period of 6 months or more, then we may still be able to help.
  • Car loans: car loan defaults are one of the worst type of defaults you can have, in most cases these type of defaults need to be paid or at least on a payment arrangement for a period of 12 months or more, and they would need to be more than 12 months old.
  • Rental contracts of any kind: these types of defaults would need to be at least 6 months old and, in some cases, they would need to either be paid or under a payment arrangement for a period longer than 6 months depending on the size of the default & how many you have.

As you can see financial type of defaults need to be at least 6 months or more old, the older they are the better it is and the smaller the amount is the better it is as well, it is always best to check with us or apply for our free credit assessment, this will help determine what we can do for you, and if we cant help, then we can help you sort out a plan that will give you a chance down the track in getting a car loan based on your individual circumstances.

2. Utility defaults/Judgements

  • Gas bill
  • Electricity bill
  • Council rates
  • Water rates

The above utility defaults/Judgements are fine regardless if they are paid or unpaid as long as they are more than 3 months old, however this is also not a guarantee as it would depend on your overall profile and best that you apply for our free credit assessment to see what we can do for you.

3. Telecommunication defaults/Judgements

  • Mobile phone bill/plan
  • Home phone account
  • Internet bill
  • Foxtel

The above telecommunication defaults/judgements are also fine regardless if they are paid or unpaid as long as they are more than 3 months old, however this is also not a guarantee as it would depend on your overall profile and best that you apply for our free credit assessment to see what we can do for you.
How many defaults/judgements can you have?
The amount of defaults/judgements you can have is really depended on the size, type and age of the default, generally more than 5 starts to become a problem, more than 10 is definitely going to be very hard to get a loan at all, however once again it is best to apply for our free credit assessment to find out as everyone’s personal circumstance/profile is different.

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