Second Chance Import Car Loans
Second Chance Import Car Loans or Vehicle Finance with Bad Credit can be a solution to help you get your credit back on track.
Whether you have previous poor credit, defaults or late payments shown on your Equifax credit file, new to Australia, discharged bankrupt or simply your bank has said “No’.
If your car loan application has been unsuccessful, we have the experience to help with second chance car loans.
Although the vehicle is held as security against the loan, this is a loan to help rectify your credit rating, so interest rates or lenders fees are generally higher than all other types of car finance due to the associated risk.
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Second Chance Import Car Loan FAQ's
Access frequently asked questions about Second Chance Imported Vehicle Finance
Yes. If you are receiving Centrelink, you may be able to gain finance to purchase a motor vehicle. Most lenders will have a maximum loan amount of $12000 if your only income is from Centrelink.
Criteria that must be met to qualify for a Centrelink car loan are:
- Be Over 18 Years Old
- Receive acceptable benefits (except for Austudy, Abstudy, Jobseeker)
- Be an Australian Resident
- Have reasonable banking conduct (no major dishonours)
- Have no more than 2 payday lenders
A second chance car loan are generally offered by specific lenders who provide loans to customers who may not meet normal bank lending criteria. These lenders help re-establish tarnished credit ratings, or just help in securing a vehicle which may not meet their bank guidelines.
There are no age restrictions for private sale cars and can offer pre-purchase approval loans, helping you research your vehicle and buy with confidence knowing your funds are readily available.
Private Sales Loans can also be used to purchase other asset such as motorbikes, boats, caravans, trucks, and machinery
If you are choosing a secured loan for your a private sale vehicle, it’s important to know that some lenders will vary interest rates depending on the age of the vehicle, kilometres travelled and your overall loan application.
Second chance car loans are simply that. They offer a second chance for customers to fix they’re credit rating.
As long as you provide relevant documentation and meet the lenders criteria and have sufficient income to support the loan repayments, we have a number of lenders that will offer second chance car loans.
Although a deposit is not generally required to secure second chance car loans, by providing a trade in or deposit will reduce your repayments and overall interest component as well as adding comfort to the lender as it reduces the overall risk of the loan.
iCREDIT have over 20 years in providing secured loans for cars and assets and pride ourselves on being able to provide a quick turnaround service with transparency on your new loan.
Often your secured loan can often be arranged on the same day and in some cases funds settled and paid. Circumstances that may slow the application process depend on your individual financial circumstances and available documents.