Car Loans & Finance

Non-bank car loans are a specific finance type that is taken out for the purpose of purchasing a vehicle, when you can’t get a loan through the banks. If you don’t have enough money in savings to buy a car outright, and have a ‘less than amazing’ credit score, a non-bank car loan is generally a better option than applying through a bank. If you apply through a bank and are rejected, you will have another credit enquiry on your account, even though you didn’t get finance. This will make it hard when you apply with another company. When your credit score is impaired, with lots of enquiries, it can mean you look like a “riskier” borrower. However, with a non-bank lender, you just need to be able to show that you are able to make the monthly repayments.

If you credit is impaired, you need to find bank-alternative options, lenders who see past your credit score, and look art the big picture.

Are you looking to stop having to use Uber or public transport? Or do you have a car but it is time to update? Either way, we offer non-bank vehicle financing for people who may have a hard time applying with the banks.

ALC are specialists in finding the best non-bank car loan based upon your ability to service the loan and your credit score. We look past the standard, strict bank criteria, to get the whole picture.

Non-bank car loans give you the flexibility that a traditional lender cannot. This means less paperwork, faster funding times and finance tailored to suit your credit history. Whether you would like to pay off your loan within 3 years or 5, with or without a balloon at the end, it is up to you. While most banks say “no” to people with bad credit, we have lending partners that say “yes” more often.

Owning a vehicle is no longer considered a luxury and it can be challenging if you have an impaired credit score. Cars can also cost a lot to purchase and maintain. This can make buying a car outright is difficult for most individuals. Whether it be to get to and from work, taking the kids to school, or to replace a broken-down vehicle, owning a car, for many, is a necessity. The Australian Lending Centre understands this, which is why we offer a range of bad credit car loans.

If you have borrowed money in the past and struggle with repayments then there is a good chance that your credit score will have taken a hit. You might have defaults listed on your credit report and may feel that there is no way to fix your bad credit. The truth is that there are still solutions, whether you have a bad credit history or not. We understand that negative events like injury, separation, illness or losing your job happens to the best of people. As a bank alternative loan company, we won’t judge you for your past. The Australian Lending Centre is here to provide opportunities for people to create a positive future and get in better financial shape.

Bad credit car finance takes away the need to save up for months, or even years to afford the extortionate price tag that comes with a car. Instead, you can enter a bad credit finance agreement, which means:

• Get the car you want now, you don’t have to wait years to save the money
• No huge chunk of money upfront
• Find a car loan that has flexible repayment terms and the best interest for your circumstances.

What to consider about bad credit car finance:

• Interest rates will be higher than if you had a good credit score
• You may have to secure the loan against a personal asset.

Bad credit loans are your second choice at finance. If you feel trapped and all you keep hearing is no, bad credit finance is your alternative car finance solution. A car which was out of reach yesterday, becomes a dream come true tomorrow with the help of a non-bank lender.

ALC works hard for bad credit applicants to find the best rates and most flexible terms for you. We have a wide range of bad credit vehicle finance products to offer. Regardless of your credit score, there is a chance that we may have the solution for you.

Used car loan: if you have your sights on an older model, then this type of loan is for you. It’s for those cars that don’t qualify for a new car loan. You have the option of taking out an unsecured loan. These used car loans do often come with a higher interest rate.

New car loan: if you are looking to buy a car that is brand new, or possibly just a year or two old, then you can take out this type of loan. They are usually offered as a secured loan, which we discuss in further detail below, which allows you to get a competitive interest rate.

When it comes to car loans, there are two different types you can take out: secured loans and unsecured loans.

Secured car loans are used more often than not. The idea is that the vehicle you buy with the loan is then used to secure the loan. This means if you are unable to make the repayments, your car is then seized and repossessed. These types of loans often come with a lower interest rate as the lender is taking on less risk.

Unsecured car loans, on the other hand, are generally only seen if you are purchasing a much older car with a lower price tag. In this situation, nothing is offered up as collateral against the loan. This means the lender is taking on all the risk, should you not be able to repay the loan. Unsecured car loans often come with higher interest rates for this reason.

It’s about working out what type of loan best suits your situation and needs and do your research to see how much that type of loan is going to cost you when you factor in the interest rates.

Australian Lending Centre offers a range of bad credit car loans with competitive rates and flexible payment terms. We create a customised package for your needs and circumstances. We look beyond the traditional credit score, and offer alternate solutions to help you get the car loan you need. The process is easy and you can do it all online. The best part, it won’t affect your credit score at all. In just a few minutes, you will be on your way to cruising down the road in your new set of wheels.

We have helped hundreds of Australians save money with a wide variety of car finance options. Our bank alternative loan partners offer car finance for people who have poor credit or don’t qualify with the banks, due to the bank’s strict lending requirements.

Our expert loan car loan specialists are qualified to guide you through the car finance process. The Australian Lending Centre team actually cares about getting you the best deal so you can reach your car goals faster.

Regardless of whether you are buying a used or new vehicle, privately or through a dealer, we help secure the lowest rates and most favourable loan terms.

It can be hard to find a car loan if your credit is bad or you are self-employed or don’t have documentation such as tax returns. This is why the Australian Lending Centre works hard to help you get the vehicle you want with a car finance product that suits your needs.

Some vehicle finance offers a residual payment at the end of your contract. This type of finance option is called a balloon payment. This can lower your monthly repayments and make them easier to manage in the shorter term. 

At the outset, this can be an inviting repayment option for your car loan, but you will pay more interest on the remaining balance, so it will cost you more overall.

The downside is that at the end of the loan term you will have to find that lump sum, or accrue additional fees and interest. The other factor to consider is that if you decide to trade in your car and purchase a newer car, the value of you car may be less than the value of your trade in so you will end up out of pocket. May sure you understand all these factors before agreeing to a balloon payment at the end of your car finance.

Dealer finance seems very easy and it is easy to be talked into it by the slick salespeople that car showrooms employ. Your car dealer will use their preferred bank or financial contacts and arrange a loan for the car. They do all the work for you at the same time as you buy the car.

The problem is that the dealer has all the power in this situation. They hold the key, literally, to your new car finance. It makes it hard to negotiate. The car price may be higher, despite the interest rate seems lower. The net result is the dealer has a higher profit margin and gets a fee for the finance referral, and you end up paying more. You also need to be wary of the dealer adding in finance “extras” like loan protection, gap cover and tyre and rim protection.

If you want to finance your car in a process that is clear and transparent, apply with ALC now.