How to Get a Car Loan with Bad Credit
Wondering how to get a car loan with bad credit? We have the answer. You can enjoy a fuss-free application with us, so enquire today.
Wondering how to get a car loan with bad credit? We have the answer. You can enjoy a fuss-free application with us, so enquire today.
Life doesn’t always go as planned. Sometimes, a new job a long way from home or the day-to-day demands of life warrant buying a new car, even when you have a less than perfect borrowing history.
However, you don’t have to fear the process. Our consultants have been helping customers out for over a decade and showing them how to get loans to buy vehicles despite a bad credit history.
We can connect you with a flexible lender that can approve your application and you could have a new car within two business days. Apply with us today.
We can help you get pre-approved so you know your spending limit, giving you the upper hand when negotiating car prices.
Our experienced consultants help you every step of the way, ensuring a smooth process from application to approval.
You can apply and be approved from wherever you are in Australia with our 100% online process, including on your smartphone.
You can choose new or used vehicles that are aged up to 25 years old at the end of your loan period, giving you more options to choose from.
Our lenders work with people whose Centrelink payments make up a portion of their income, such as aged pensioners.
Even if you have either paid or unpaid defaults sitting on your credit file, you can still be approved for car finance when you apply with us.
Having the option to repay over one to five years makes your regular payments more manageable and able to be tailored to your needs.
We partner with lenders who give freelancers or tradespeople the chance to apply for car finance
Some of our lenders won’t penalise you for making extra repayments on your loan if you want to speed up its completion.
Getting a quote online puts you in touch with one of our consultants. Once you submit your application, they’ll start the formal process.
Your consultant uses our state-of-the-art technology to match your application to a suitable lending partner.
Once a lender is locked in, your consultant will finish compiling your application. They may call you to request further documentation.
After you’ve been approved, your consultant emails you a digital loan agreement to sign. Upon their return, your funds will be released.
Double-checking the eligibility criteria before you apply will save you time and a lot of headaches. Here are some of the key factors to meet:
Your age
You must be over 18 years old to take out a loan with a lender in Australia. There’s no maximum age for loan applicants in Australia.
Your residency
You must be an Australian citizen or permanent resident to apply. Some lenders will work with temporary residents across a range of temporary visas. Importantly, your overseas borrowing history will not be a factor when taking out a loan in Australia.
Your employment
You must have some form of employment to ensure you can meet your repayments on an ongoing basis. Our lenders accept people working casually, seasonally or for themselves, but will want to see stability wherever possible.
Your income
Additionally, you must be earning some form of income. Our lenders will consider the government benefits you receive, such as Centrelink payments, if you’re a low income-earner.
This is paid when you transfer the car into your name and rates vary from state to state. For example, the New South Wales government bases its stamp duty rate on whichever is higher between the car’s market value or what you paid, whereas the Northern Territory charges 3% of the car’s taxable value.
Fuel economy is a major factor when buying a new car. Motorists constantly have one eye on the petrol prices, so picking a fuel-efficient car will mean you’ll be spending less money on petrol, taking the pressure off your budget. Generally, vehicles averaging five to eight litres per 100km are seen as fuel-efficient.
You’ll need to take into account regular servicing, tyre changes and oil changes. It’s also important to remember that buying an older car will often mean higher servicing costs.
You’ll likely have about two weeks to register a new car in your name, whatever state you’re in. These charges will vary, as will the cost of renewing your driver’s licence, depending on where you live. Most states give you the option of renewing your licence for between one and five years, but require an updated photo after ten years.
Comprehensive insurance is a must when taking out a car loan. This covers you for damage to your vehicle if you’re involved in an accident. Insurance costs are based on variables such as your age, where you live, your driving history and the kind of vehicle you’re buying and can typically range from $1,000 to over $1,500 per year.