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Finance with bad credit?

Discussion in 'The Pub' started by fizmotech, May 8, 2008.

  1. Someone told me its possible to get a loan even with $4k of bad credit.

    Anyone heard of this?

    I think he said second chance loan or something.

    Thing is I make a good income, just had a bad time when the Mrs and I broke up a few years back.

    If i had the cash I would just knock the bad credit off, but cant at the moment and need transport badly.

  2. It's possible to get credit even with a debt that is outstanding and listed but you will need security.

    Mostly companies that do this sort of thing will use your house as security (although other property will do too).
  3. do it like the girls do to avoid paying cab charge,

    pay with sex =]
  4. That won't get you a loan.
  5. There are non-conforming or "specialist" lenders out there that can assist people with bad credit but they specialise mainly in home loans and car loans eg. Liberty Financial, GE, Australian Motor Vehicle Finance (AMF).

    There is actually no reputable lender that will lend for motorcycles with people with bad credit. If you're after a car and you're working and have good stability in your job and residence, the above lenders can assist no worries.

    Be very careful of smaller unknown lenders as they may lend you the money but to offset the risk (your bad credit history) they will charge you ridiculous interest rates and/or set up fees (an exit fees).

    How much do you actually want to borrow??

    Other things to think about;
    > Consider putting the $4k under a payment plan. It improves your credit profile and pisses off the debt!!
    > Make an offer to the creditor as they will usually settle for less than $4k just to get rid of the debt.
    > Speak to an auto finance broker
    > Save up $1500 and get a scooter in the meantime (not trying to be funny but is a very cheap alternative if you want a bike)
    > Motor Finance Wizard will get you a car guaranteed....just make sure you get an independent mechanical check on the car
  6. +1 JZA - the interest on those loans is monstrous.

    Save up.
  7. top post jza

    i would like to borrow $10k.

    i could save that in 8 weeks but i need transport now or wont have a job, eeeeeeeeeek.

    so catch 22.

    i have $4k but i dont want to pay them off with my savings and then not be able to buy a bike at all. i do want to pay it back though at some stage.

    dont want this thread turning into a do this or do that. really just looking for some knowledge about these second chance loans.
  8. Do whatever don't even think about MFC aka motor finance wizard the biggest crooks in the car finance industry in oz.
  9. General Discussion????

    Please DO NOT simply toss everything in General Discussion. Your future posts will be deleted if you don't take care next time.
  10. :(

    off topic is? A place to discuss topics that are unrelated to bikes or riding.

    i think maybe a sub holder under politics for things like rego, insurance, finance etc would be cool.

    FYI i went through them all and did a search as well and picked the one that appeared to get the most use for finance topics that i could see. please dont assume people post stuff in general just because they are lazy. its not the users, there is no container for this topic that suits it best and the search engine does not have topic only.


    back on topic, i see those motor finance wizard people on tv, they have a catchy tune.

    perhaps if second chance finance is not possible, i will just use equity or pay out the debts. problem is i didnt make them. oh well thats love for ya!
  11. Dude seriously, DO NOT USE MOTOR FINANCE WIZARD!!!!!

    They have ridiculous interest rates, GARBAGE cars that are horribly overpriced and are CUN!S to deal with.

    Bloody hell man, if you can save 10k in 2 months, fuggen dip in to your savings and pay out your other loan or buy something with that. If what you say is true, you shouldnt have a problem saving money after that.

    How does one who cann SAVE $10k in 8 weeks get in to debt anyhow?? I can easily earn $10k in 8 weeks but fugged if i could save it all.
  12. my ex did it all for me lol.

    now i got no dependancies and no other debts.

    ur right, cheap bike now and fix up the last of the bad debt.
  13. You mention that you want credit with a fcuked credit rating.
    No where in your post did you state riding. No mention of bike related stuff in that post at all.

    It's a topic on credit, its not bike related.
  14. its a bike forum, i mentioned i needed transport. whats the big deal

    sheesh, i go to another bike forum if its that big a deal.

  15. Go where ever you reckon you need to go.

    You mentioned transport. The gist of the email is about credit and nothing to do with bikes.

    It's not a big deal. It only becomes a big deal when we need to move more and more of these posts to the right spot.

    It's a finance post, nothing to do with bikes.

    If I want to talk about finding a hairdresser in general discussion because I get helmet hair each time then I would post it in Off Topic.

  16. mate no one will lend you money with an unpaid bad debt. The only people that will are SHARKS and THIEVES. Mate if you have $4k to pay it off, pay it off now. The sooner you do it the better.

    WHat should you do if you have dug yourself into a hole? Stop fcuking digging!
  17. Guys.....I am not endorsing Motor Finance Wizard, they are a last resort but they sell shit loads of cars and will get you transport...but they do have a reputation.

    fizmotech ~ start saving mate, thats half the problem, if you can, DO IT

    What I know on "second chance loans";

    > Interest rates in excess of 20% up to 29.9% for regulated loans, non regulated loans eg Cash Converters, Money Plus max 62 month terms and any interest rate or fees they can charge, eg.48%+ interest rates not uncommon, maximum lends of usually $5k.
    > Some charge risk premiums eg. 10% of the amount financed ie. on 10K = $1000 start up or exit fees

    Hope that helps :wink:
  18. Psssssst Vic. You dont need a hairdresser :LOL:
  19. no worries, will make a suggestion in the suggestions forum :)


    thanks guys i think saving is my friend, im just very keen to be on something decent, but an older bike will do for now and i will fix up the ex's indescretions which she so kindly washed her hands of. lesson learnt, dont give your partner your credit cards lol.