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.
- 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
- 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.
- Last 2 pay slips, no more than 30 days old from the day you apply
- 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.
- 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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