Interest rates on Car loans with bad credit in Australia?

Gelliane asked:

Hithere,
I defaulted on my car loan 6 years ago, I paid off the debt 2 months after I defaulted. I do not have any other debts as I was a bit scarred after the experience. I now desparately need a new car as my present one is almost dead. Does anybody know whether it is at all possible for me to get a car loan with a default? If so what type of interest rates am I looking at?? Your help is greatly online pharmacy without prescription appreciated.

Reply:

Car finance rates are normally higher than a personal loan from a bank. Enquiries by a lender will check your credit history. Your credit history should only go back 5 years. Maybe you had some problems several years ago but have since cleared up all debts – only the pervious five years should be listed on your report. Judgment debts and Bankruptcy are usually listed for 7 years or more.
So I would suggest that you talk to your local bank branch and discuss a personal loan to help buy a new car. St George Bank, I have found, are really good. They have a secured personal loan, using the car as security, which lowers the interest rate.

 

Finance your car here onsite if you need help buying one of these beauties :)

 

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