Can I get a title loan if I have bad credit?
Yes, you can! Here at Jacaranda, we are proud of being an inclusive lender. This means that we don’t just rely solely on your credit score when conducting our financial assessment. Instead, we look at other factors including your income, expenses, spending habits, and financial commitments. If our team determines that you can reasonably manage a loan, even with bad credit, we could approve your application.
What happens if I default on my title loan?
If a borrower defaults on a title loan, the credit provider has the legal right to sell the asset used as collateral. In short, this is done in an attempt to recoup some of the losses incurred by the default. At Jacaranda, however, the repossession of a vehicle is always our last resort. We will only repossess a vehicle if all other avenues have been exhausted. In other words, if a borrower has repeatedly missed payments over a long period of time and has failed to get in contact with Jacaranda, the repossession process may begin.
If you think you will be unable to make a repayment, please get in touch with us as soon as possible. If you contact us 24 hours prior to your repayment, we will do our best to arrange an alternative payment schedule.
Will you conduct a credit check?
Yes, we conduct a credit check on all applications. This is part of our commitment to responsible lending guidelines, as outlined by the Australian Securities & Investments Commission (ASIC). If you have a poor credit history, there’s no need to stress. If our team finds that you can manage a title loan, even with a bad credit score, we could approve your application.