If you’re in need of a new car, bad credit can sometimes be an obstacle on the road. But poor credit doesn’t have to stop you from getting on the road! If your credit situation has got you saying the F word, we’ve got a few tips that will help get you approved.
Keep your bank statements squeaky clean
You generally need to provide recent bank statements when applying for any type of finance, often the last 90 days. They’re an important part of your application, so it’s worth keeping an eye on your spending for a few months before applying. When assessing your bank statements, lenders are looking for a stable income, affordability (enough disposable income after expenses) and other loan payments. Gambling transactions, evidence of payday loans, and default payments will impact your chances of approval so it’s best to avoid these all together.
Think outside the square (bank)
Banks were once the traditional place to go for a personal or car loan, but it can be a good idea to look elsewhere – especially if your credit rating isn’t perfect. Because Sprint Finance specialises in bad credit car loans, you’re more likely to be approved, and more likely to get the best interest rate. We look at your full profile and application (not just your credit score!)
Pay them bills
Any unpaid bills, loan payments or automatic payments are going to show up on your bank statements, or affect your credit rating. Because any missed payments or defaults suggest a higher risk to lenders, you’re best to avoid these if you’re after a car loan approval with a great rate!
Avoid pay day loans
Payday loans might seem like an easy lending option – but they can easily lead a to never-ending spiral of debt. Evidence of payday loans in bank statements will nearly always mean loan denial. Our advice? Avoid them like the plague!
Avoid gambling transactions
A few gambling dollars here and there won’t affect your application, but regular and significant gambling transactions won’t go unnoticed. If you’re betting on a car loan approval, your best bet is to skip the gambling!