A credit report is a detailed report about your credit history in Australia. They include details about mortgage application and repayment history all the way down to credit with telco providers.
Every credit file has a credit score. This is a number with a higher number indicating that you are more realiable at meeting your repayments. Most lenders want to see a credit score atleast of 400, but at Tofu Auto we have seen scores as low as -999! The credit score is impacted by a number of factors including number of enquiries, missed repayments, type & frequency of enquiries and any defaults.
Because your interest rate is largely dependent on your credit file. the first thing we always do is check your credit file. Don’t worry, when we check your credit file it won’t impact your credit file or credit score. The check we conduct is typically more advanced than what you would have access to and therefore we have to run our own checks.
Once we see any issues we will be able to advise on which direction to take. Normally if you are not in a rush to get a car we can spend a few weeks fixing your credit file. We do have ways to do this for free so you aren’t paying a credit repair agency.
The first step is a free consultation with a lending specialist so feel free to reach out at any time!
Yes! Depending on your circumstances we have guided people in the past to fix their credit file for free. All you need is a bit of time to commit.
It sounds unconventional, but because of privacy reasons we cannot share credit files – even if it is your own!
Your interest rate is typically dependent on your credit score. Therefore a better credit file will definately give you a better interest rate!
Yes. You can get finance with bad credit and even a prior bankruptcy. But keep in mind not all lenders will lend to you or the rates might be slightly higher than market rates.
Yes we can still help. However, you should always disclose this information. Lenders will always check the bankruptcy registrar and if your name is there it will be the first question they ask. If you inform us we will be able to place you with the right lender.
Experience!
In some cases lenders may want a deposit depending on the overall risk profile of your credit file
No. Our checks won’t impact your credit file. However, depending on the lender there will be an enquiry once we submit to a lender.
