Car loans with bad credit

By Tom Caesar - February 24, 2015

Cars as a necessity

Due to the size of Australia and the cities and towns within it, owning a car is part of the culture and it’s often very hard to stay connected or even hold down a job without one.

It’s therefore often essential to own a vehicle, therefore people with bad credit find themselves in a very difficult situation when struggling to be accepted for car loans with bad credit.

Car loans with bad credit are not impossible.

They are indeed sometimes harder to obtain and it’s not always an easy road to being accepted for one, however there are lenders out there who are able to help and it’s often simply a case of finding the right loan for your situation.

You can can a bad credit car loan anywhere in Australia:

What to watch for:

Be very careful of some of the loans that companies offer to people with bad credit wanting a car loan. Often, these will feature very high rates of interest that will make the loans very difficult for you to pay back, potentially plunging you further into a difficult situation.

You’ll need to figure out how much you can reasonably pay back each month and always go with a set interest rate rather than one that can change on a monthly basis.

There are many companies who will offer a car loan despite the fact that you may have a bad credit history.

It is important to remember that although bad credit can come from bankruptcy or careless financial management, it is often not something that is within your control or may even be simply because you are self employed or have relatively few assets or purchases in your name.

Luckily, these companies realize all of this so don’t despair or write off your dream of getting back on the road just yet!

Tom Caesar
Tom Caesar is the Managing Director of The Positive Group, a group of Australian financial services companies offering a broad range of finance to clients Australia wide. The Positive Group assist clients in the areas of car finance, mortgages, insurance & wealth management. Tom has been in car & asset finance for over 10 years. Tom regularly contributes articles on car finance, insurance, technology and business growth, drawing on his experience of starting his own brokerage in 2009.

Comments

Threasa Joanne Maree Zaro

March 3, 2018

I am needing to have my 2015 model Hyundai Accent sedan refinanced and to use my car as trade in upgrade to a Hyundai Kona with same dealership in Townsville north Queensland and I am up to date with repayments pay with my salary sacrifice.

Angela Monroe

March 20, 2018

Hi Theresa Joanne, it’s great to hear you are up-to-date with current payments. Give us a call on 1300 769 384 for an assessment and some refinance options or complete a quick quote form to have a lending manager call you with some information to consider.

Threasa Joanne Maree Zaro

March 3, 2018

I have $9600 left on car loan I would have preferred to put all debts into one and pay one repayment.

Angela Monroe

March 20, 2018

Hi Theresa Joanne, this is probably possible, you can find out information specific to your situation by completing a quick quote form to receive a financial assessment and some consolidation recommendations.

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