There are numerous lenders offering finance to borrowers in Australia including CarStart Finance. But are they any good? Let’s find out.
It’s always wise to do your research when taking out any type of car loan. You never know…you could get a better deal elsewhere after all.
Our review of CarStart Finance discovered high interest rates for their borrowers, ranging from 7% to 30% based on the strength of the loan application.
But while that might seem like a bad thing, there are instances where you should go with this lender.
So let’s dig a little deeper here.
CarStart Finance Review
This is a finance company who helps people with car loans primarily in Brisbane.
If you check the online reviews of CarStart, they are less than ideal. Some people really hate this company.
One thing that we discovered through our research is that CarStart is owned by CreditCorp. So if you default on your loan obligations, you’ll be hearing from the toughest guys in town.
That said, CarStart is a good company. They work with clients to get the best possible deal.
Interest rates do vary. Some people might pay 7% while others get hit with 30% rates on their entire loan. It really depends on the application as they are all unique.
To get the best chance of approval, you should;
- Make sure all your documentation is in order. No loose ends.
- Actually have a reliable income stream like a job or business.
- Nothing significant on your credit report like loan defaults.
And the thing is too, even if you do your best to get everything right, there is no guarantee of success here. Some people are just plain out refused finance.
No car loan provider in Australia can guarantee approval. Run if someone says it’s guaranteed!
CarStart seems to mostly target those in challenging situations that need a car for work. Slacks Creek has a lot of industrial-based jobs after all.
If that’s you – it could certainly work out in your favour to run your application through them. It’s often more convenient to use someone local in the market.
With that out of the way, let’s look at some finer details here:
CarStart debt collection
If you’ve defaulted on your car loan, then you can expect contact from Credit Corp regarding your CarStart profile. You’ll have to make catch up payments and they might hit you with some penalty interest as well.
Why did I get a high interest rate?
Some lenders take on a huge risk with some applications who have less than ideal credit histories, so to compensate, they need to charge a high fee. This also includes a loan establishment fee and application fee, plus commissions too!
Are there better alternatives?
Often if you’ve been approved with CarStart but the interest rate is high, other lenders are likely to be the same. They are all a bit concerned that you might default in the future or simply not be able to make your repayments on the car.
How can you help me?
Well, here at The Debt Free Community we’re designed to help people in challenging financial times. Let’s say you’re being chased by debt collectors and need someone to step in for you, to stop those nasty phone calls and letters of demand. That’s where we can help!
If you’re looking for a car loan in Slacks Creek, then CarStart is a good choice. They do seem to have a good success rate with their applicants.
Avoid any temptation to skip your repayments. They know where you live and work now, so will be able to repossess your car if they desire to get the money back. After all, this is secured finance.
We would recommend these guys if you feel comfortable to use them. On the other hand, some other lenders might have a better deal available for you.
And at the same time, if you’re in dire finance times, then taking out finance probably isn’t the best idea right now. Instead, you should focus on getting OUT of debt, not into more debt.
If debt collectors are harassing you, then please get in touch with our team. We’ll be more than happy to help you out!