Some lenders like Liberty Finance, Macquarie Bank, ESSANDA will consider slight default in the credit history will atratct higher interest rate for a car loan up to $19% a year. Store based care loans are the cheapest but they consider complaint-free credit history with a huge buffer in the serviceability of the loan. Up to 5 year old car will be easily financed by major banks in Australia with a very attractive interest rate. People usually do a valuation of a car online might not get the expected amount from the lender could ask for deposit for a used car as per their internal valuation policy. GE motor finance will charge you up to 19% interest rate with various flexibility like early termination of the loan, care with 10 year age. Liberty finance and Macquarie bank will be bit flexible about age of the car factoring higher interest rate for the loan.
On the personal loan page I have given some idea about lenders serviceability requirement also discussed about effect of credit rating and credit history. It's better not applying for loan without knowing the policy then put an inquiry on the credit file because every inquiry reduces your score.
As your paid default become old lenders may become interested to lend you again before they are completely removed after 5 years depending on the amount. If you have a home loan already you'll need to have six months clean payment history if you go for bad credit loans. Lender will not ignore an unpaid default if it is not cleared from your credit file. Some bad credit home loans with higher interest rates my ignore them if the loan amount was not significant. Always remember, as like as the history in your credit file you recent payment history of existing loans, and history of recent hardship claims may become uncovered by the lender if they fall in the range of information share agreements.
There are fixed and variable rate for loan mostly fixed for 5-7 years depending on the lender. Early termination, ongoing fees will work like any other personal loans. Some lender will allow extra repayment will not offset with the principle loan amount before the end of the loan will result in a savings without return in interest. Home loan extra repayments are also waste of time and money doesn't offset with principle as like as the home loan offset account.
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