How long does it take to get approved?

Getting an approval for a car loan when you have a bad credit history can take up to 48 hours, although most lenders can do this within 24 hours.

WARNING: If you read this website, your chances of getting car finance with bad credit will dramatically improve.

The application itself will ask you for a lot of personal details including up to two years worth of addresses. two years worth of employment. You will also need to disclose the amount of cash you have in the bank, how much you get paid, what assets (things you own) and liabilities you have (foxtel, store card payments, layby’s etc).

Before submitting any application to a lender you need to make sure you pass capacity. Capacity determines whether you have enough money at the end of each week to be able to live as well as make a repayment on a car.

The number of dependents (children in your care under the age of 18) you have will also help determine capacity as all lenders will work from a system which determines the minimum amount it costs to live. For example, a husband and wife with one child, needs a minimum of $2,259 per month before additional things like Foxtel, holidays etc are added on.

The best piece of advice I can give to anyone who is wanting to get approved with bad credit is to be honest. The moment a lender catches you lying, you will be refused any credit. Be honest. Lenders want to work with you, they have a duty of care though to make sure you can comfortably afford the repayments and if you can, they will extend credit to you.