Getting a Car Loan on Bad Credit | Yes Loans

Get the answers you’ve been looking for and find out how you can get your car

Bad credit. Those two words can send a chill down anyone’s spine, and those that have it can feel like they’re being followed by a dark cloud of disappointment. Bad credit is often the result of youthful inexperience or unbridled enthusiasm, but does it mean you now can’t apply for a car loan? Surprisingly not. It’s not a reflection of your character or work ethic, and most certainly not a death sentence. You can get a car loan and thankfully there isn’t a catch either.

Before you dash out the front door in a blur, here are some things to mull over before looking for vehicle finance:

What wheels are you after

Be brutally honest with yourself and distinguish what you need versus what you want. Needs address the lifestyle you have; wants address the lifestyle you want. Being able to define the lifestyle you lead and the requirements you have will make it that much easier to pigeonhole the type of car to get, and save you spending unnecessarily.

Monthly budget

Budgets are usually the bane of our existence. But just like our parental advice, budgets are there to provide some much-needed guidance; and like our parent’s wise words, you might ignore them and regret it later. Draw up your monthly budget so you can clearly see what you can afford. A car does come with its own list of expenses including servicing, insurance and fuel. It’s easy to forget these things during the excitement of purchasing.

Compare and window shop

Before you begin car shopping and visiting dealerships, call Yes Loans to get a pre-approval. The type and age of car can have a big impact on any approval. The newer the car, the better your chances of gaining approval.

Right! Now to secure the finance. Read on to find out how you can get your car loan, despite carrying the so-called burden of bad credit.

Don’t jump the gun, verify first

A credit score is essentially used to help determine whether a borrower is likely to pay back a loan. It is determined by your payment history and should ideally be reviewed at least once a year.

However, mistakes do happen, so it’s critical that you review your credit report and check for inconsistencies. You might find that you no longer have a bad credit score or were incorrectly assigned one in the first place.

Consumer loan

A consumer loan, also known as a secured personal loan, uses the car as collateral and is what most people think of when they think of consumer loans.

Chattel mortgage

A chattel mortgage is a loan for self-employed people, contractors, and large and small businesses to secure a loan against a vehicle or machinery plant and equipment.

Commercial hire purchase

A commercial car hire purchase is a method of vehicle financing. A lender buys a vehicle for a customer and then grants the client use and custody of the motor vehicle on a contractually stated payment plan.

Novated Leases

A novated lease is commonly used by employers and employees. It provides an alternative arrangement to the standard company car, allowing the employee to take on the responsibility and control of the lease, and associated benefits. The monthly rental payments are made by the employer out of pre-tax salary.

Helpful hints to get your bad credit back on track

• Consistently pay your bills on time.
• Pay towards reducing your debt.
• Don’t open a new line of credit, like a credit card or home equity loan.
• Maintain a solid employment history.
• Don’t make multiple applications for loans.
• Don’t apply for “pay day lender” small, short term loans. Most financiers look at this as a borrower not being able to manage their finances and is often grounds for a decline.

If you've had credit problems in the past, it shouldn’t mean that you can no longer enjoy what life has to offer in the future. Make sure to consult a professional like Yes Loans with a wealth of knowledge and a transparent approach, someone who will still strive to get you the finance you need, at the best rate possible.

Yes Loans do just that, they also provide a range of free services, like car finder and a car loan calculator.

At Yes Loans our philosophy is simple: We aim to provide a fast and efficient service to our clients and enable them to make informed choices in relation to their finance needs. If you need a car loan, contact ustoday. We’re happy to assist.

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Our clients say
our clients say
  • "Thank you for all your help with processing the loan and keeping me up-to-date on the progress. We have utilised ‘Yes Loans’ twice and are completely amazed with the process and ease that you present to your customers. **It has been a delight dealing with yourself and ‘Yes Loans’ and will not hesitate to recommend your business to all that I come across. **It can be quite daunting at times applying for a loan and I can tell you that your customer service skills far outweigh any company I deal with on a day to day basis."

    Adam F - April, 2015
  • "I would like to thank you again for a relatively painless process in getting the funds sorted for us, working away makes such things difficult and usually means taking time off work to organize. I will recommend Yes Loans to all that want to listen, thanks again"

    Tony K
  • "Thank you very much for your help much appreciated"

    David S
  • "Thanks Chris for all your help. I haven't purchased a car for a while, let alone taken out a loan. Your clear, concise information made the whole process so much easier. What's more you cared! Each step of the way you checked in with me to make sure I understood where the process was at and that I was happy with how things were moving. I have worked in the retail and service industry for decades, so I understand what should happen during any transaction. Chris and Yes Loans tick all the boxes. "

    Dean H - June 2015
  • "on behalf of my wife Hazel and myself , I would like to thank you for all your help and good advice you gave us regarding the purchase of our new car , using your company “Yes Loans” for finance. Most people will be able to tell you of a bad experience relating to car finance but ours was totally the opposite. From start to finish we were made to feel very comfortable about the whole process, and able to understand all the facts and figures. It was a surprisingly pleasant experience and did not drag on for hours. Completing all the paper work on the initial visit made things even easier, and not having to return on multiple occasions was a bonus. I would have no hesitation in recommending you and your company to any of my family or friends should they require finance for their own purchase."

    Derek E - June, 2015
  • "Tony and all the staff at Yes Loans provided exceptional service, which led to me choosing their product over the competition. My circumstances were complicated with 2 sales falling over before the final one was made. Thanks to the keen attention to detail by Yes Loans staff, I was alerted to fraudulent activity by a seller, in time to call the deal off. Finally, Tony managed to achieve settlement in a short period of time and provide a very competitive interest rate for my dream vehicle. The communication I received from Tony and Colleagues was prompt and professional and I will not hesitate to refer them on to my family and friends."

    Gabriel - June 2015
  • 'Hi Darral I couldn't thank you enough for the whole process of sale. You went over and **beyond the call of duty** especially when we've both been playing phone tag with each other. Customer service is everything and from a previous sales and marketing manager background I could not fault you any where. I've always stuck to the rule of 10....1 person tells 10 people on there experience and those 10 people tell another 10 people and so on and so on. I'll highly recommend you to friends and family that are looking for vehicles in the future. Once again thank you. "

    Gavin J - July, 2015
  • "I picked the car up yesterday afternoon and I just wanted to say thank you so much for all the time and effort you put into helping us get it. The car is just awesome and that you put it through as a business vehicle so I can claim it come tax time makes you an absolute legend. Again, thank you very much."

    Lissa
  • "We have used Yes Loans now several times for our Car finance, this being our 4th transaction that they have helped us with and every time it has been such a pleasurable experience, **very easy and smooth transaction with no hassles and quick service. ** We definitely will be back again. Thanks to Daniel for such professional and fast service."

    Maria & Rob - June 2015
  • "Thank you so much, the car was exactly my dream car thank you."

    Melissa
  • "Thanks very much for your help in finding me a loan. I will indeed enjoy my car! I will be sure to recommend you to anyone who asks."

    Simon I
  • "Hello Steve, I’d Like to point out an exceptional employee you have working for you Nathan Hanna. From our first contact Nathan has conducted himself in a professional & highly proficient manner, I felt extremely confident with the service he provided and finding a solution to an issue with my vehicle being a grey import. Which many finance company’s don’t touch, Nathan found a financier which I’m very grateful. The whole experience has been a pleasure your company certainly raises the bar in customer service which you can’t get from other companies. Nathan is a real credit to your team. I will most definitely be recommending Nathan & your company to others."

    Mike B - Sept 2015
  • "Your service and support has been nothing but outstanding. We are so happy with our van, and we will spread the word around if we know anyone is after finance."

    Stuart
  • "A big thank you to Tony Williams at Yes Loans for the **great service in the last week making my dream of having a new car a reality.** Within one week of deciding to buy a new car Tony had the finance organised and I had my new car a week later. Very professional and efficient service from Yes loans. Thanks you very much. "

    Susanne De - July, 2015
  • "Thanks for all your help. You handled everything very efficiently and professionally. Made my life and part in all this very easy. Thanks again and all the best to you."

    Tony
  • "The service provided by Yes Loans was better than any other loan institution or bank I have worked with. What they promised they delivered and it was done professionally and with a sense of urgency and customer service that few banks could match. I have been a long term customer of a bank and had numerous loans with them for houses, cars and home improvements for a period of fifteen years. Despite an excellent credit history, my last effort to get a small loan to re-finance a car took over two weeks to process. Then having approved the loan, the bank made my life difficult by asking for endless changes to paper work, pay slips and bank details because of the time they took to process the loan. In frustration, I rang Yes loans. Within 24 hours the process was all but complete. There was a minor issue with setting up a new account to handle the funds, but this was no problem. Daniel at Yes Loans patiently helped me out and made the process easy, so that the funds were able to arrive as soon as the new bank account was set up. I am grateful for the professional way in which my business was handled and have no hesitation in recommending Yes Loans to anyone in need of a loan." Thanks Grant for your feedback!

    Grant - Feb 2015
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