If you’ve gone through the financial turmoil of a bankruptcy, you might think that getting a loan afterward is impossible.
But don’t lose hope! In Queensland, it’s still possible to secure a bad credit loan, even with a bankruptcy on your record.
Can I get a bad credit loan if I have a bankruptcy on my record in Queensland?
Understanding Bad Credit Loans
Bad credit loans are designed for people who have a less-than-perfect credit history. They offer a way for individuals to access funds even when their credit score is low or they have a record of financial difficulties, like bankruptcy.
These loans typically come with higher interest rates and stricter terms to offset the risk lenders take.
Types of Bad Credit Loans
There are several types of bad credit loans you might consider:
- Secured Loans: These loans require you to put up an asset, such as your car or home, as collateral. Because the lender has something to fall back on if you default, they might be more willing to approve your application.
- Unsecured Loans: These loans don’t require collateral but usually come with higher interest rates because they pose a higher risk to the lender.
- Personal Loans: Some personal loans cater specifically to people with bad credit. They can be used for various purposes, like consolidating debt or covering unexpected expenses.
Factors Lenders Consider
When you apply for a bad credit loan in Queensland, lenders will look at several factors:
- Your Income: A stable and sufficient income can demonstrate your ability to repay the loan.
- Employment History: A steady job history can work in your favour.
- Current Debts: Lenders will assess your existing debts to understand your financial obligations.
- Bankruptcy Details: The specifics of your bankruptcy, such as when it was filed and discharged, will be important.
Improving Your Chances
To improve your chances of getting a bad credit loan, consider these steps:
- Rebuild Your Credit: Start by making timely payments on any existing debts and keeping your credit card balances low.
- Provide a Strong Application: Include all necessary documents and be transparent about your financial situation.
- Consider a Co-signer: If you have a friend or family member with good credit willing to co-sign, it can increase your chances of approval.
How Bad Credit Brokers Can Help
Navigating the world of bad credit loans can be daunting, especially after a bankruptcy. This is where a bad credit broker, like Zoom Car loans (more than just car loans) can be invaluable.
Our friendly financial brokers specialise in connecting individuals with lenders who are willing to work with bad credit borrowers.
We understand the market and can help you find the best loan options suited to your needs and financial situation.
The Role of Zoom Your Bad Credit Broker
A bad credit broker can:
- Assess Your Situation: We will review your financial status and history to understand your needs.
- Match You with Lenders: We have a network of over 30 lenders who are open to working with individuals with bad credit.
- Negotiate Terms: Our brokers can help negotiate loan terms to get you a more favourable deal.
- Provide Guidance: We offer advice and support throughout the application process, making it less stressful and more straightforward.
Can I get a bad credit loan if I have a bankruptcy on my record in Queensland?
While having a bankruptcy on your record in Queensland can make obtaining a loan more challenging, it’s certainly not impossible.
Bad credit loans are available to help you rebuild your financial standing. By understanding the types of loans available, the factors lenders consider, and how to improve your application, you can increase your chances of approval.
Moreover, working with Zoom Car Loans, your bad credit broker can simplify the process and help you find a loan that meets your needs.
Contact us today and one of our dedicated finance brokers will call you back within minutes fo have a quick chat and offer instant pre-approval.
Streamlined
We have a highly streamlined pre-approval and settlement process.
Personalised
Personalised terms and repayments to suit your budget and lifestyle.
Proactive
Let us know your vehicle requirements and we will help with the search.
Obligation-free
All Centrelink car loan applications are completely obligation free.
- Do I meet the minimum income requirements?
- How much can I borrow?
- How can I prepare for my application?
- Types of Centrelink Payments
Do I meet the minimum income requirements?
As all credit providers work on a basic principle of affordability, to be approved for a loan, applicants must meet a minimum income amount of $800 per fortnight (not including covid supplement).
This minimum amount can be solely from Centrelink payments or can include employment income as well.
This minimum amount has been put in place to protect the borrower. It’s the minimum amount that the lenders deem the borrower can comfortably make their loan repayments, while still being able to afford basic living expenses such as groceries, bills, rent, etc.
Although these measures tend to be very accurate, they do not take personal circumstances and habits into consideration.
You should always look at your own spending habits and budget to ensure you will be comfortable with any additional borrowing.
Here at Zoom, we are able to assist the large majority of Centrelink customers, however, please note that if you are solely receiving a New Start Allowance/Jobseeker, Youth Allowance, or Austudy, unfortunately these aren’t accepted income forms to qualify for a loan.
Our finance specialists work on your behalf to do everything possible to secure a loan for you, so be sure to contact us to speak further about your current circumstances if you’re unsure.
How much can I borrow?
Zoom Car Loans are a team of finance brokers, who work on your behalf to find you the best deal possible. This means we do not have any set loan amount.
The amount you can borrow will be depend on which lender we are able to go through, based on your personal circumstances.
During the application process, your broker will ask you how much you are wanting to borrow. Your finance specialists will then work with our panel of lenders to secure an offer. To avoid disappointment of not getting a car you have your eyes on, we always encourage you to obtain a pre-approval for an amount you can afford and then look for a suitable vehicle within your approval limits. Zoom Car Loans finance packages allow for both dealer and private sale vehicles.
How can I prepare for my application?
Before applying for a car loan, there a few things you can do to heighten your chances of gaining a quick approval offer. A key part of your application involves credit providers verifying your current financial situation. This is a requirement of the law, so to avoid any delays, we encourage you to check and prepare the following before applying:
- Ensure your recent banking conduct is at an acceptable level (avoid overdrawing your account, ensure no direct debit payments are dishonoured, cancel any debits that are no longer current, avoid gambling transactions and withdrawing all funds the day you receive your income).
- Make sure your rent/board/mortgage payments are up to date. Most financial institutions will complete a residential check.
- Having defaults is OK! However, it always helps if you can show the financier that you are aware of them and have made arrangement to pay them off or resolve them.
- Be truthful. Financial institutions have access to many tools to check the accuracy of the information that has been supplied.
Types of Centrelink payments
Yes! It is possible to get approved for a car loan when you are receiving Centrelink payments.
Zoom Car Loans are able to assist the large majority of Centrelink customers however minimum income requirement of $800 a fortnight does apply.
Types of payments we consider are:
• Parenting payments (single & partnered)
• Disability
• Carers Payments
• Family Tax Benefit
• Aged Pension
Newstart Allowance: please note that if you are solely receiving a New Start Allowance (including $550 covid increase), Job Seeker, Youth Allowance, or Austudy, unfortunately these aren’t accepted income forms to qualify for a loan.
Our lenders have a minimum income requirement of $800/fortnight to apply (not including the $550 temporary increase).
As a team of highly experienced brokers, Zoom Car Loans know what it takes for the lenders to approve a Centrelink customer.
If you would like to read more about to get approved for a car loan when you are receiving Centrelink payments READ OUR BLOG POST here.
We help car loans for Centrelink customers get approved!
There are minimum requirements needed to qualify for their car loans. The best way to find out is to apply online for us to find out all details and do our best to get your driving away in a good car!
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No deposit loans
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Bad credit history
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Centrelink payments
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Ex-bankruptcy
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First loan
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Declined by the bank
Useful information
You should always check your options before you accept a loan and ensure that you use the free resources available throughout Australia to assist you when borrowing funds of any nature. For information about other options for managing bills and debts, you can ring 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor. Alternatively, contact our friendly team to discuss your options.
What our customers have said about us
I can’t express my gratitude enough to Rowan. He was so helpful very friendly and extremely professional with the process of getting a car loan for myself. I can’t thank him enough for all he did for me. Thanks Rowan
Tracey D
Very please with the work from Joshua an Katie .. they got my loan approved asap as a mum of 3 an needed a car asap… From start to finish they where fantastic an repayment are manageable… Thanks to zoom car loans for helping me within 10days an got out new family car this morning..
Much appreciation to the team
Misty H
Great service. Quick, friendly and professional! Highly recommend if you’re struggling elsewhere to get finance.
Jessica C
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