Do you have a bad credit rating and need second chance car finance?
We can help you to achieve your dream of owning a new or secondhand car, fast.
“We give all Australians a fair go. Good credit, bad credit, no credit!”
It’s not always easy for people with bad credit to get a car loan. To help out, we’ve put together this guide so you can know what to expect for any type of bad credit car loan.
| Loan type | How fast could I get approved? | Loan term | Minimum loan amount | Interest rate starting from | |
| Secured car loan | 1-2 days | 24-84 months | $200 | 6.49% p.a. | Apply for a secured car loan |
| Unsecured car loan | 1-2 days | 24-84 months | $200 | 6.49% p.a. | Apply for an unsecured car loan |
| Car refinancing loan | 1-2 days | 24-84 months | $200 | 6.49% p.a. | Apply for a car refinancing loan |
Our bad credit car loan managers are experts at getting those bad credit car loans approved.
We can also advise you on how to improve your credit rating, check out our car loans for people with bad credit page, you’ll be on your way to owning your car in no time.
Although car loans for people with bad credit are secured by the vehicle, the interest rates are still usually a bit higher due to the added risk that you might not be able to meet repayments.
We will work with your to make sure that you get the best car loan for bad credit, with repayments which you can afford.
We get asked “are bad credit loans safe?” a lot. They are, and they can help people get out of bad credit situations. Want more information? Read our guide to Bad Credit Car Loans Australia.
If you’ve been rejected by a lender, contact one of our experienced lending managers and we will find a car loan to suit your needs from one of our 30 reputable lenders.
Anywhere in Australia! We help people get bad credit car loans in:
It’s not always that simple, but…
Our Bad Credit Car Loans Start From 6.49% p.a.
We find ripping the band aid off and telling you what the interest rate is helps set the right expectations. Car loans with bad credit can be more difficult, but they are not impossible!
At this point you’re best to get in touch either by phone on 1300 769 384 or fill out our 30 second bad credit loan quote form.
No matter how bad you think your credit history is, you must be honest when you apply for finance. When you apply for bad credit finance, prospective lenders want to see a complete and honest finance application. Our specialist lenders will check details within your application against your financial records, and they will perform a deeper inspection of your financial history.
Any discrepancies between your application and your financial records will reduce the trust any lender requires in order to approve your finance application. No matter how bad you think your applications looks, a truthful applications is more likely to be approved.
We are able to help you access your credit file. We do this in order to understand how the prospective lenders will assess your application, should you choose to apply for bad credit finance.
We can help you to develop plans to improve your credit file and credit rating. Simply improving any errors that may appear on your credit file here can improve your chances of successful finance applications in the future.
If you have any form of bankruptcy, most reputable lenders will decline your application for car finance. However, if the bankruptcy is discharged, usually after six months, car finance applications will be considered by the bad credit lenders. Our knowledge of the lenders key approval criteria provides valuable insight into the best way to structure your application for car loans for bad credit.
One of the most important factors to bad credit finance applications is bank statement conduct. When you apply for bad credit car finance the lenders almost always require a copy of your bank statements, so make sure you never go into overdrawn balance.
Ensuring your account always has sufficient funds to cover regular payments and direct debits is extremely important. If you can show a history of savings – even small amounts, this can drastically help your applications chances of being approved as well.
Lenders look at savings as additional income that can be used to service a car loan or other type of finance. Bad credit car loan financiers will ask to review your banks statements for the last three to six months, if your account has fallen into arrears during this time most lenders will require a minimum three month period when this hasn’t occurred.
Without employment it’s becoming increasingly difficult to gain car finance. Bad finance lenders are looking for stable employment – casual, part-time or full-time.
If you’re casual, having a track record of 12 months or more in the same role or industry is highly advantageous.
This establishes evidence of what your future income and capability to service the loan repayments will be like. Part-time and full-time employment usually requires passing of your probationary period, and a stable history within your job and industry.
One of the least understood components of how reputable lenders assess your stability is the more your move house, the less stable you’re appear. Many have legitimate reasons for this such as being promoted to another state or office in a different city.
If you have evidence of this, it will assist your loan applications chance of being approved.
However, the underlying fact here is that living in a transient way is seen as unstable and a high risk. If you’re planning to apply for car finance in the near future, you need to factor this into your consideration.
PLEASE NOTE: We cannot provide finance to you if you are currently bankrupt or a party to a Part IX or X Debt Agreement.
We are a bad credit loan specialist. As such, we have a range of finance options for all types of finance.
Check out our other types of bad credit loans.
Or if you want to read our bad credit blog, check it out here.