Sub-prime car loans are given to people with a poor credit history and who are unable to get car finance through normal lending avenues.

Sub-prime financers are institutions that offer loans to buyers that have a bad credit history and do not fit the criteria for banks and other prime financiers.

To obtain a sub-prime car loan a number of checks are undertaken to in order for the lender to assess the risk with the loan proposal.  The lender also assesses your ability to repay and will try to structure the repayments so they are affordable.

Using a broker that specialises in sub prime lending is a good way of obtaining finance.  They are aware of all the pitfalls with the different lenders and will ensure you have the most flexible product available.  In addition, a good sub prime broker will not shop your loan around which means no extra enquiries on your credit file.  Getting a broker to research your options will ensure you will be able to get a loan that fits within your budget.

Give us a try! Find out instantly if we can help you by using our online pre-approval form or phone one of our experts on 1300 242 885. We look forward to helping you.