Traditional banks do not typically lend to people with poorer credit. Of all the cases, your own bank is the best chance as they can see your full banking history and it they see good conduct (ie not going overdrawn, not missing payments) then they may lend to you. If your own bank doesn't then you will need to look to a non bank lender.
WARNING: If you read this website, your chances of getting car finance with bad credit will dramatically improve.
Non bank lenders are normally the experts in the field as if you have better credit, you would normally just get a loan from your bank. Therefore non bank lenders are specialists in helping people with bad credit. They know all the right questions to ask you in order to give you the best opportunity of getting finance. And remember, they want to be loaning you the money. Its their business. They will work with you to understand your credit history, what happened that made you experience financial difficulty and as long as you are back on your feet and you can prove it, then you will be granted finance. All lenders, regardless of who they are, must only lend to you, if you can afford to repay the loan, they have a duty of care to ensure this.
All lenders and financial service providers must be a member of either the Credit Ombudsman or the Financial Ombudsman Service. Make sure you search for your provider at each site (they only have to be a member of one).
- Credit Ombudsman: http://www.cosl.com.au/members/search-members/
- Financial Ombudsman: http://fos.org.au/members/search-for-members/
If you cannot find your proposed lender on either of these two websites, do not use them, or if you have to, proceed with extreme caution.