Yes! Even with some previous or current credit defaults, you may still be eligible for a car loan with Ume Loans. Our Lending Specialists are experts in bad credit car loans, and we take the time to personally understand and assess your financial situation to make sure any car loan we offer you is suitable.
We have FAQ’s on our web pages, customised to each page so the most relevant information is at your fingertips. You can see all our FAQ’s on the one page if you prefer, or even speak to a member of our friendly lending team
Most of our customers are simply unable to obtain a low interest rate loan due to something unfortunate in their individual circumstances meaning they can’t meet the terms and conditions required for a traditional loan. It could be bad credit from a business or marriage failure, it could be loss of employment or a health issue that caused a financial problem in the past. At Ume Loans we take the time to assess your current circumstances and just because you don’t qualify for a low interest rate bank loan doesn’t mean you can’t get a loan with us. But, please understand that giving people a financial second chance means we take more customer risk and therefore need to charge higher interest rates. This disclaimer explains this to you.
As you are contemplating entering into a loan contract with Ume Loans, we ask that you read the following very carefully. Should you sign a credit contract with Ume Loans after reading this Statement, Ume Loans will presume that you have read every word, understand the meaning and accept the following:
Thank you for reading this important Statement.
If you have any questions and/or require further explanation, please ask one of the Ume Loans team.
Our team just love helping our customers buy the cars they love and want, whether it’s a new car, used car, business vehicle, ute, van, or classic car, we are very happy to share our Ume Loans reviews from every day Australians, just like you who successfully applied for a bad credit car loan.
It’s not a NO, it’s a not now
If Ume Loans is unable to approve your car loan application, we will explain to you why, and what you can do to improve your financial situation so that you may be approved for a car loan in the future. In fact, we have put together an article that details the 5 Steps you should take to improve your chances of getting a loan and we will share this with you if appropriate.
No. We use a secure, electronic link to obtain your last 3 months bank statements. This is by far the fastest way to get your bad credit car loan application assessed ready for approval.
After applying online, you will receive a text message and email with our secure, electronic bank statement link for you to complete. Soon after completing that, one of our Lending Specialists will call you to obtain any further information we need, and to better understand your unique circumstances. Our goal is to get you driving your new car as quickly as you want.
Yes. On most occasions we simply verify your income for a car loan application from your last 3 months bank statements.
Your weekly, fortnightly or monthly car loan repayments will be direct debited out of your nominated bank account on the days that coincide with your income payments. If you want to pay off your bad credit car loan sooner, we can also arrange flexible repayment options.
No. Ume Loans company policy is that someone applying for a car loan must be working.
No. We have no early payout fees to encourage our customers to save money by paying off their car loan as soon as they can.
Yes. If you are buying a car, we would always recommend an appropriate car insurance policy to protect you in the case of an accident or theft of your car. As an authorised agent for Suncorp Car Insurance, we can assist with a quote for this and include the insurance in your car loan. Alternatively, you can choose any car Insurance company, just provide us with a copy of the car insurance policy noting Ume Loans as the financier.
If you believe you can afford the car loan, then we would encourage you to apply. Our company policies have all been written to enable us to help customers who need a second financial chance. We do approve many customers who have been declined by their bank or other lenders, so let us see how we can help you. If you’re unsure if a bad credit loan is right for you, feel free to speak with one of our lending specialists
Yes. If the car is yours, or going to be yours, we will be happy to finance it. We are happy to finance cars bought both privately or through a licensed motor dealer. Many other lenders have a whole bunch of rules around the age and type of car, but you won’t find that at Ume Loans.
As your Lender of choice, we want to ensure that you get the car loan approval that you want. We take the time to fully understand your situation and put together the best loan package we can for your individual circumstances. As we give many customers car loans who do not qualify for a traditional bank car loan, we do charge higher Interest Rates. Please read our Interest Rate Statement below.
If you’re not happy with what we are able to offer you, you can simply let us know that you don’t wish to proceed with the loan offer. It will not have cost you anything for us to do the assessment, nor will it have affected your credit file.
No. We don’t perform credit checks on every car loan application.
Having said that, remember, we are bad credit car loan experts, and we love giving people a financial Second Chance. So, even if there is something nasty on your credit file, that alone won’t necessarily stop you getting a car loan with us, as we will take the time to understand and assess your circumstances.
We have a fast online car loan process. Using the latest technologies to help you, we can have a car loan pre-approval in place within hours. In some cases, we do have to workshop your application a little further. This can take a few business days before we have an official outcome for you.
Relax, we’ve got this!
As part of our process, we make sure that we protect your credit file and credit score. To get your second chance car loan with us, it’s important that you don’t apply for any other loans right now. If you make other car loan applications elsewhere, this will reduce your credit rating and could hurt your chances of obtaining the best car loan approval.
It’s Simple to apply for a car loan and will take less than 2 minutes to get started.
You simply Click the green APPLY NOW button at the top right of our website.
Lets get you that car!
We love guiding and helping our customers to pay their car loans off faster. We have put together a great article with our top 6 ways to pay off your bad credit car loan faster.
Financial hardship means a situation where you are unable, reasonably because of illness, unemployment, or other reasonable cause, to pay your financial obligations under your contract with Ume Loans.
We have tried hard to make our financial hardship application process as simple as possible. Please follow the link below and complete this first step. Your account manager will then review this information and call you to discuss your individual circumstances and how we can best help you through this difficult time.
Visit our Financial Hardship page.
Normally, within 2 business days, your account manager will call you to discuss your individual circumstances and how we can best help you through this difficult time.
Yes, your account manager will call you to better understand your current financial situation and advise you what financial hardship assistance we can offer you.
Our financial hardship assistance programs are for both short and long term financial hardship, and we customise a program to suit your individual needs.
Yes, we can offer financial hardship assistance to all our customers.
Some of the ways we can help our customers who are experiencing financial hardship are:
Of course, all of these are options and we customise a financial hardship program to suit your current needs.
A Lite Doc car loan allows you to purchase a vehicle for your business without needing to supply full financials normally required by lenders, such as Tax Returns and Notices of Assessment. Instead, we utilise the income evident in your business bank statements to assess your application.
Provided your business is currently generating income, you have an ABN that’s been active for a minimum of 6 months, or 3 months if you have previously worked in the same industry, and you are an Australian Citizen, permanent resident, or hold a valid working visa.
The only documents we require to assess and approve your application are your current Australian Driver’s License & your Medicare card or other government-issued ID to confirm your identity, and three months of business bank statements showing your business income which we help you organise through our secure link.
There are many factors which impact the interest rate you may qualify for, these include but are not limited to length of ABN, your banking conduct and your credit file. As your credit score is not everything to us here at Ume Loans, we apply a common-sense approach when assessing your application to work toward an approval. Our rates range from 22.99% to 29.99% and our dedicated team of lending specialists are here to help you navigate the application process to see where you qualify.
Our Lite Doc car loans have no upfront costs, all fees are included within your loan and all quoted repayments from your Lending Specialist will include any fees. Our process is fully transparent, and any fees included within the loan will be disclosed to you by your Lending Specialist when you are approved, to make sure you are fully aware and happy before proceeding.
Yes, you can! A Lite Doc car loan is specifically designed so you can finance a vehicle for your business without the hassles of supplying complicated financials and documents.
A personal loan is a flexible type of finance, where you can use the loan funds for any worthwhile purpose. Common personal loan purposes are:
A secured personal loan has all the benefits of a normal personal loan where you can use the loan proceeds for any worthwhile purpose, but in this case the customer offers the lender an asset as security on the loan. This is a type of personal loan that Ume Loans can offer to its customers.
No. All personal loans transacted by Ume Loans are secured personal loans. This means you would offer an asset, like your car as security for Ume Loans to lend to you.
Yes. Our Lending Specialist at Ume Loans are experts at helping customers with bad credit ratings obtain the personal loans they need and want. We believe in financial second chances.
It’s simple to apply for a personal loan and will take you less than 2 minutes to get started.
You simply click the green APPLY NOW button on our website, you will be asked let us know what worthwhile purpose you will use the loan funds for.
We have a fast online personal loan process. Using the latest technologies to help you, we can have a personal loan pre-approval in place within hours. Sometimes, it takes a little longer to workshop your application. This can mean it may take a few business days for you to get an approval outcome.
A business car loan is a type of finance that is used to purchase vehicles primarily for business (commercial) purposes. The vehicle itself acts as the security for the loan.
You can apply for a business car loan if you are a small business owner, a self-employed individual, a sole trader, a company or a partnership. We will need to verify your ABN as proof.
Yes, we provide loans for applicants with bad credit. They may focus on your current financial situation and ability to repay the loan rather than just your credit score. Our Lending Specialists are experts in bad credit car loans, and we take the time to personally understand and assess your financial situation to make sure any car loan we offer you is suitable.
You can finance a range of vehicles: cars, delivery vans, utes, trucks, and other commercial vehicles. New and used vehicles are both eligible, and can be purchased from a dealer or privately.
No, our minimum loan is $5000.
As your Lender of choice, we want to ensure that you get the loan approval that you want. We take the time to fully understand your situation and put together the best loan package we can for your individual circumstances. As we give many customers loans who do not qualify for a traditional bank loan, we do charge higher Interest Rates. Please read our Interest Rate Statement below.
If you are not happy with what we can offer you, you can simply let us know that you don’t wish to proceed with the loan offer, and it will cost you nothing nor affect your credit file.
No. We do not perform credit checks on every loan application.
Having said that, remember, we are Bad Credit experts, and we love giving people a financial Second Chance. So, even if there is something nasty on your credit file, that alone, will not necessarily stop you getting a loan with us, as we will take the time to understand and assess your circumstances.
We have a fast online loan process. Using the latest technologies to help you, we can have a loan pre-approval in place within hours. Some deals, however, require workshopping, which means it can take a certain amount of business days before we can give you an official outcome.
• You will receive our secure, electronic bank statement link to complete.
• We will phone you to fully understand your loan needs.
• We will assess your loan for fast pre-approval.
• Once pre-approved, your loan settlement can happen the same day if all paperwork we require is supplied.
As part of our process, we make sure that we protect your credit file and credit score. To get your second chance loan with us, it’s important that you do not apply for any other loans right now. If you make other loan applications elsewhere, this will reduce your credit rating and could hurt your chances of obtaining the best car loan approval.
We are available for your call between 8:30am and 5pm Monday to Friday. Simply call us on 07 5443 3863.
Its not a NO, it’s a not yet
If Ume Loans is unable to approve your application, we will explain to you why and what you can do to improve your financial situation so that you may be approved in the future. In fact, we have put together an article that details the 5 Steps you should take to improve your chances of getting a loan.
NO
We use a secure, electronic link to obtain your last 3 months bank statements. This is by far the fastest way to get your application assessed ready for approval.
After applying online, you will need to make yourself available to talk to one of our Lending Specialists for around 20 minutes. During this call we will be asking lots of questions to better understand your current financial circumstances so we can offer you the most suitable loan. We will also need supporting documents such as:
Yes
On most occasions we simply verify your income from your last 3 months bank statements.
Yes. We take our obligation to be a responsible lender seriously and are very focused on compliance and treating every customer fairly.
Consumers are well protected when using Australian licenced lenders.
Our Australian Credit Licence number is 383502
Your weekly, fortnightly or monthly repayments will be direct debited out of your nominated bank account on the days that coincide with your income payments.
No
Ume Loans company policy is that someone on the loan must be working.
Yes!
Even with some previous or current credit concerns, you may still be eligible for a loan with Ume Loans. Our Lending Specialists are experts in bad credit loans and we take the time to personally understand and assess your financial situation to make sure any loan we offer you is suitable.
Our team just love helping our customers finance the things they love and want, whether it’s brand new or used car, boat, caravan, camper trailer, Jet Ski, motorcycle, or something bought with a personal loan, we are very happy to share our Ume Loans reviews.
Yes. Often a guarantor is not actually required by Ume Loans. However, in certain circumstances it may be appropriate, and, in these cases, your Lending Specialist will discuss this with you.
Yes. Ume Loans have no minimum credit score requirement. We are more interested in your future and your ability to repay a loan, than what has happened in the past.
Ume Loans can finance for a whole range of worthwhile purposes, including:
If your customer experience has been great, please click on the write a review button to provide a great review for the team member that helped you. If your customer experience was not good, we want you to email our founding director, Dan Fox to let us know personally, how we can improve. Email Dan directly on dan.fox@umeloans.com.au
