So you're in the market for a new car. You do your research, find the best offer on the vehicle you want and negotiate a great deal with the seller. You're all ready to settle the purchase you just need the finance. So you apply for a loan from your bank and…whoops, the bank rejects your loan application. You’ve got the dealer or private seller waiting for payment on the car and your plan to pay for it has fallen through.
Unfortunately, this scenario plays out quite often across Australia for businesses and individuals buying cars for either their private use or to use in their business. It can be a very stressful situation and may lead to significant negative long-term outcomes for those that then, in desperation, grab a high-cost, high interest rate loan from a less than reputable lender.
The good news - at Jade Car Loans, as a highly reputable and professional finance broker we may be in a position to assist with both options to secure you an affordable car loan and advice on how to avoid this situation happening to you.
- Many people will swiftly move on to apply for a loan through another lender and yes, there are many lenders offering motor vehicle finance. The downsides however should be considered. Each time you apply for a loan the lender is required to record that application request on your credit profile. Having a lot of requests for the same loan in your credit history can be viewed negatively by lenders and have long-term impacts on your ability to get credit.
- If you find yourself in the position of having a car loan application rejected by your bank, the first thing you should do is ask for the reason(s) why your application was not accepted. That will give you key information to either address those issues yourself before proceeding to apply to another lender or have the required background to brief a finance broker to assist you.
- If you choose to proceed yourself, if the reasons relate to issues with your credit profile, you can address those issues and try to fix your credit report.
- Is it you or the car you are buying? Some banks and other lenders do have minimum and maximum amounts that they will lend for car loans.
- As professionals in sourcing car loans for our customers, our advice is simple – contact a finance broker such as Jade Car Loans to assist you and handle your finance requirements.
What can a broker do to help? Won’t the bank just reject their request too? Not necessarily. We explain.
Jade Car Loans Benefits
As a finance broker, Jade Car Loans is accredited with multiple lenders, which includes the major banks and other non-bank lenders. While most banks have strict car loan guidelines which they are not in a position to vary, Jade has access to other lenders whose guidelines may be more in line with your application.
When your Jade broker approaches several lenders on your behalf to source the best car loan offer, this process does not impact your credit profile in the way that approaching multiple lenders yourself will.
As we work closely with the banks we know how their systems work and what guidelines each application must meet to be accepted. Your Jade broker will work with you to best structure your application to suit the specific guidelines of an individual bank or lender.
Your Jade broker is working on your behalf and will present your application and wherever possible, negotiate the conditions and of course the cheapest interest rate. er
Options for Business Vehicle Buyers
For businesses that have been rejected by a bank for a business car finance, Jade Car Loans has several finance options that may achieve a positive outcome for you.
- No docs and low doc car loans for businesses that do not have all the financial documentation requested by the bank.
- Bad credit loans: Due to our large number of lenders, we may be able to source an offer for businesses with credit issues.
- ABN only loans: Not all banks will offer car finance to businesses with essentially only an ABN. Jade offers ABN car loans through a selection of our lenders, subject of course to certain conditions.
When your Jade broker does achieve a successful result for you by way of a car loan offer, this can be applied to our full range of commercial finance products, which include:-
- Car Leasing
- Chattel Mortgage
- Commercial Hire Purchase
Options for Private Car Buyers
For individuals who have had a car loan application rejected by the bank, one of our Jade Car Loans consultants will work with you to identify the issues, where possible address and fix the issues and strive to source you a Secured Car Loan through one of our many lenders. By doing so, we aim to get you the best commercial car loan rates available in the market.
One of the best pieces of advice we can offer – before you start car shopping, especially for car loans for sole traders, review your credit profile to ensure it is in good order. If there are issues, take the necessary steps to repair your profile. Contact Jade Car Loans before any other lenders and before you discuss a car deal. Your consultant can source you an offer and arrange a pre-approved car loan so you know you’re organised even before you decide on the vehicle.
If the bank has said NO to you, contact Jade Car Loans and discuss your options with one of our consultants 1300 000 003
DISCLAIMER: THE PURPOSE OF THE INFORMATION PRESENTED IS FOR GENERAL INFORMATION AND NOT INTENDED AS FINANCIAL ADVICE AND SHOULD NOT BE USED AS THE SOLE SOURCE FOR MAKING FINANCIAL OR PURCHASE DECISIONS. THOSE WHO FEEL THEY REQUIRE ADDITIONAL GUIDANCE SHOULD SEEK OUT THE ASSISTANCE OF AN INDEPENDENT, PROFESSIONAL FINANCIAL ADVISOR. ALL DETAILS, INFORMATION, FACTS AND SPECS IN REGARD TO GOODS AND SERVICES AND IN REGARD TO GOVERNMENT POLICIES AND MEASURES HAVE BEEN SOURCED DIRECTLY FROM RESOURCES IN THE PUBLIC DOMAIN. NO LIABILITY IS ACCEPTED IN REGARD TO THE PRESENTATION OR THE INTERPRETATION OF THIS INFORMATION. IF INDIVIDUALS REQUIRE VERIFICATION, WE ADVISE THEM TO REFER TO THE THIRD PARTY RESOURCE.