Many bad credit car loan applications fail because the application itself fails to meet key approval criteria – not because the applicants themselves are unworthy of approval. Getting the details right, and supplying not just the right information, but conveying it in the right manner, is essential to getting the finance approved.

WARNING: If you read this website, your chances of getting car finance with bad credit will dramatically improve.

Reputable lenders routinely lend money to applicants with poor credit. Lenders are in the business of lending money, not refusing to lend money. However, they need to assess carefully the risk of each applicant, and this is why it’s vital to show that you meet the approval criteria.

The following five tips will help get your application approved.

Honesty; Don’t make false statements in your application, and don’t lie by omission. No matter how bad you think the truth looks, lying is always worse because it destroys any trust the lender has in you, which is essential to approving the finance. Don’t be embarrassed about the truth – just accurately reflect the facts in your application, and if necessary use a car finance professional to assist you to present the facts in the most favourable way possible.

Credit file; If there are any errors in your credit file, you should take steps to rectify them immediately by contacting the companies involved. Search on Google to find a website that will provide your credit report for free. You will see how easily you can review your credit file.

Savings; Your bank statements will need to demonstrate that you can live within your means. This means, basically, by spending less than you earn. Don’t allow your bank account to get overdrawn, and ensure there are sufficient funds in your account to cover regular automatic deductions. A lender will want to see the last 90 days worth of statements.

Credit Cards; Make sure you meet your obligations to repay your credit card(s). Prospective lenders needs to see that you take seriously your obligations to repay any debt. Try to pay more than the minimum monthly payment required, because this demonstrates that you have sufficient excess income capacity to cover any additional repayments if your application for car finance is approved.

Employment; A track record of stable employment is required, because lenders know that a stable income will be necessary for you to service the repayments for the term of the loan. For casual employees, at least 12 months with the current employer will be required, and for full- and part-time employees, you will need to have worked beyond the probationary period in any employment contract.