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| Bad Credit Car Loans are back in the market in Australia |
By:
Positive Lending Solutions |
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Over the last 18 months, brokers have found it more difficult to write loans for customers with a poor credit rating. In most cases where they could be written, the interest rates were too high or the conditions on the approval were too much to ask of the client. In mid-February there were some changes brought in that have seen an exclusive lender in Australia open the floodgates to bad credit finance. We are now seeing more customers who have recently been discharged from bankruptcy, have paid defaults and court judgements getting approved. They are now focusing more on the stability of the customer’s employment and residence. In some cases we are getting approvals for customer with unpaid defaults.
Since their new policies came into play in mid-February, there have been considerable changes in the lenders criteria. We are now getting the more complicated deals across the line, loans that in January would've been declined. The interest rates are lower and they are asking for less supporting documents to be supplied which will always keep the customers happy. We are now hoping, that with the global financial crisis improving, that some bad credit lenders who closed their doors will now look to re-opening. This will only create some more competition in the market and make it easier for brokers and customers to get approvals.
Another major change that has been noted is that previously, Bad credit lenders would not even look at a customer with a default over $3000. Now we are seeing paid default of $10000 getting approved because they are looking at the customer profile differently. If the customer has had good stability in their employment and residence and have made an effort to address their defaults, they are approving the deal. Where customers have made no effort in clearing their debts is when they start asking questions.
For more information go to www.positivelendingsolutions.com.au or call 1300 722 210 to speak with one of our consultants |
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