Getting an approval for car finance with bad credit can take up to 48 hours. This is because the financier will check every detail very thoroughly. A lender is always looking for a reason to approve you but are extremely mindful of your financial past. When you have a poor credit history it generally means you were unable to pay a particular payment or payments on time and it caused you to go into default.
WARNING: If you read this website, your chances of getting car finance with bad credit will dramatically improve.
You will need to provide at a minimum;
Completed application for credit; This will detail your personal overview along with your financial standing
Drivers Licence; Front and back, clear copy
Your two most recent payslips; This will show the exact amount you earn and the frequency
90 day bank statements; We cannot hide from activity shown on these. Bank statements will show most of your spending habits, all of your debits, rent payments as well as dishonours.
Having dishonours on your bank account doesn't mean you can't get car finance. It does mean though that you will need to provide an explanation as to why this has occurred. For example, you might have a gym membership payment come out one day before you got paid, this could be excused at the discretion of the lender.
In addition if you are a home owner you might be asked to provide a copy of your rates notice and the last 3 months mortgage statements. If you are renting you might be asked to provide a tenancy agreement (to show who is on the lease) as well as a rental statement.
Each lender will go through and do employment checks, rental checks and possibly even checks with other financiers you have a loan with.
You may feel like you having to provide a lot of information and thats because you do. You need to show the financier that you are back on track and deserving of a second chance. Remember; bank statements do not lie, so make sure you disclose everything.