Buying a car or some form of vehicle is probably one of the most common purchases in Australia today. In the modern world we travel around a lot, and having transport is a necessity more than it is a luxury. But unless we’re cashed up most of us won’t have the money on hand to just rock up to the local dealership and pay for a car, hop in and drive away. We will need to borrow the money. Is getting a car loan in Australia a difficult process? Not usually. There are options from all types of lenders to help you get behind the wheel and on the road. We will look at a few of those options here. Car Finance Bad Credit If you have a poor credit record where maybe you have defaulted on a loan in the past or not paid a bill you should have, then perhaps you think getting a car loan will be impossible. Not true. There are lenders and car dealerships out there that specialise in cases of people with bad credit records seeking car loans. These dealers and lenders and brokers totally understand your situation and believe you deserve a second chance at finance. Why should we be punished forever for mistakes from the past? We shouldn’t be, that’s the point, and that’s what these lenders believe, too. Help is definitely out there. Interest Rates For Bad Credit Car Loans So what are the interest rates for getting a car loan in Australia with bad credit? Well, that depends on the lender and what sort of loan your apply for or qualify for. Because there is a greater risk attached to lending money to someone whose credit history is not perfect, lenders tend to charge slightly higher interest rates for these types of loans. Fear not, though. The interest rates for loans to people with poor credit are still highly manageable and very competitive, so don’t think you won’t be able to afford the repayments for a loan like this. You’re not borrowing from a loan shark, but a reputable lender. These are second chance loans and the lenders are very sympathetic to your circumstances. They understand we have all made mistakes in the past and they are willing to overlook that and just concentrate on the ‘now’. Low Doc Car Loans With a low doc car loan you can apply for an auto loan with very little supporting documentation. Perhaps you’re young and don’t really have any financial track record yet, or you are self-employed and can’t produce all the financial statements and tax returns of more established enterprises. This is where low doc loans come in really handy. The other advantage of a low doc loan is the speed of the approval process. Because there isn’t so much paperwork to wade through and cross-check, the approval process for this type of loan is made that much quicker, and you will be put behind the wheel of that new vehicle quicker than you realise. Low doc loans are another great option to get you driving again. As you can see, getting a car loan in Australia is a privilege open to everyone, no matter what your credit history or current situation. Source: Free Articles from ArticlesFactory.com We write articles that offer tips and advice about finance, as well as some fun and interesting facts.