Tag: trucks

All You Need To Know About Getting A Truck Loan In Australia

 

trucksIf you have a bad credit rating and require a truck loan, the chances are you will have consulted several truck dealerships without any success.  Finding a dealership willing to offer truck finance to an individual with bad credit is like drawing blood from a stone – impossible.  This is quite a common occurrence among people in this particular financial circumstance, so don’t worry you are not alone.  The best thing to do is to, firstly, try and remain optimistic about the situation.  It is easy to become despondent if more than two truck dealerships have rejected your application; however, it is possible to obtain a truck loan if you have bad credit nowadays.  This article will provide information on how to go about getting a truck loan in Australia if you have bad credit.

  1. Reasonable Bank Balances And No Overdraft

Good news, if you are lucky enough to have a reasonable bank balance with no current or prior overdraft you may have a chance of getting a truck loan in Australia.  By checking with your local bank or credit union (the one you are banking with, of course), it may be possible to find the organization will offer finance loan if you have these beneficial banking terms.  To be eligible for a truck loan in this circumstance, you must also have had a stable place of residence for at least two years and must have been employed in a stable job for a considerable amount of time.  In addition, the truck you are considering must be within a set pre-determined amount for the truck loan to be considered.  The pre-determined amount is dependent on the loan amount versus the loan value; therefore, you will need to peruse several dealerships to find a truck within the agreed upon truck loan amount.

  1. “Buy Here, Pay Here”

The “buy here, pay here” term involves purchasing a vehicle at a particular truck dealership without any external involvement.  While this is not necessarily the cheapest option when identifying the trucks available, the financing of the truck loan is relatively easy.  It is seen that some places will not require a credit check for eligibility; in fact, there are few requirements whatsoever other than a set down payment amount.  The only method to avoid a down payment when purchasing a vehicle at a truck lot financing their own trucks is to use a trade-in option.  The trade-in alternative must, however, be paid off or have a considerable amount of equity in order to be looked at as a possible option.  Using this method may not be the most advantageous for getting a truck loan in Australia; however, the “buy here pay here” truck lot alternative is a useful choice if you are suffering from bad credit.

  1. Online Truck Loan Companies

A common alternative for getting truck finance in Australia is the use of online loan companies.  The benefit of using these agencies is that they provide you with finance without the need for down payments or credit checks.  The online lender is the popular option for individuals with bad credit and, typically, works primarily with individuals presenting with bad credit.  In addition to being useful where credit ratings stand, the online option is also hassle-free and speedy.  The majority of these online agencies will approve the application within a few hours and have the loan amount in your bank within 24 hours of approval – speedy, for sure.  You can also expect lower monthly truck repayments and better interests when using online truck loan companies.  If you opt for the online truck loan companies, it is important to remember that not all of these companies are legitimate and it is recommended you complete quick research into their reputation before use. More information on the Alpha390 Twitter page.