People from all walks of life experience financial difficulty. It’s part of the world we live in, but at Freedom Cars we don’t believe you should be punished for past mistakes. If you’ve got a bad credit rating, you’re receiving a Centrelink benefit or low income, or if you’ve been bankrupt, it can be difficult to get the car on finance. Naturally, this makes life even harder because you’re endlessly wasting money on taxis and public transport. It’s harder for you to work, and the hole just gets deeper.
That’s why Freedom Cars was established. We want to say yes when lenders and banks have said no. Best of all, it’s even the first step towards repairing your bad credit rating.
How does Freedom Cars work?
With Freedom Cars, we don’t do invasive credit checks, we don’t charge interest, and there’s no binding contract. As long as you can show that you can manage regular fixed payments, we can get you in a vehicle today. We’re not a finance company, so you’re not locked into a loan. In essence, you’re renting the car with regular, manageable payments. We call it an Indefinite Period Rental Agreement.
Because it isn’t a loan, there’s no interest, however you may be subject to fees if payments are dishonoured or missed. You can return the vehicle and terminate the agreement at any time or you can make an offer to purchase the vehicle at anytime. However, if you rent the car for a minimum of 12 months and maintain a good payment record, you’ll be eligible to apply for finance to purchase a car outright using your good payment history.
How does Freedom Cars help repair my credit rating?
Getting a car via our Indefinite Period Rental Agreement doesn’t help your credit rating straight away. This is because you’re not locked into a loan, so it doesn’t show on your credit history. However, if you maintain good payments for 12 months, you can then apply for finance with a much better chance of approval.
At that point, if you’re successful in getting finance, you’ll have a loan that does show up on your credit report. Maintain a good payment record on your finance, and your credit rating starts getting better.
The smart alternative
If you’re in a position where banks and other lenders have said no, we’d love to hear from you. We can help get you into a car quickly. No credit checks, no more dealing with dodgy lenders and huge interest rates. Just regular payments that you can manage. Freedom Cars today to find out how we can help.
At Freedom Cars, we say “Yes!” when lenders have said “No.”
Source URL: https://www.freedomcars.com.au/news/repair-your-credit-with-r2o
