Poor Credit Car Loans
We can help if you want a car but feel locked out by poor credit. Apply now and be matched with the best lender for your needs.
Features and benefits of car loans
If you’re a carer or an aged pensioner, your fixed government payments can be factored in as income when you apply.
Borrow the full value of your car, plus on-road costs, with finance options starting from as little as just $5,000.
If you’ve been discharged from bankruptcy, bad credit loans give you a second chance at borrowing.
You get the choice of brand-new or second-hand vehicles from private sellers or car dealerships when picking out your car.
Securing your interest rate locks in your repayment values from the date you settle and protects you from rate rises.
Choose how fast or slow you want to pay back your loan, with options to repay between one and five years.
Fast loan approvals
Your consultant can have your application approved, signed and funded in as little as 48 hours.
Specialist lenders
By partnering with multiple lenders, we'll find a loan deal which best fits your own unique requirements.
Over ten years of experience
For more than a decade, we've helped thousands of borrowers with poor credit get approved for car loans.
How to apply for a loan
Multiple incomes accepted
You can count various income streams, such as multiple jobs and fixed government benefits, towards your car loan application.
Early repayment accepted
Making extra payments or paying off your loan early won't cost you, as some of our lenders don't charge early exit or discharge fees.
Fixed interest rate
Locking in an interest rate stabilises your repayments over the life of your loan and makes budgeting easier and more accurate.
Unpaid or paid defaults
If you have defaults on your credit report, you're still eligible to take out a car loan, regardless of whether they're paid.
New or used options
You can choose to buy brand-new or second-hand through a private seller or a dealership anywhere in the country.
Loan terms up to five years
Our lenders offer flexible loan terms, allowing you to pay across one to five years and structure repayments to your needs.
If I have poor credit, what can I do to improve my approval odds?
Enquire online
Get a quote on our website in a couple of clicks. You have the chance to make an initial application as well, but if you're not quite ready, a consultant will call to discuss your options.
Get matched with a lender
When you apply, your consultant will connect you to a lender who best meets your financial situation using our high-tech software.
Get your application submitted
After locking in your lender, your consultant gets about preparing your application. You'll be asked to supply supporting documents.
Sign your documents
Once approved, your consultant emails you a loan agreement to sign and return so your loan funds can be released.
Top tips for boosting your borrowing power
Pay down some debt
Your borrowing capacity increases if you owe less money. If you have unpaid defaults or outstanding debts, paying these off is a good way to allow yourself to borrow more money. Remember to call your creditor and remind them to mark your default as ‘paid’.
Get a guarantor
Getting a family member to guarantee your loan gives your lender an extra layer of security if you have poor credit. If you can’t make the payments at some stage, your lender has the assurance that your co-signatory will take over the repayments. This gives you added protection and may allow a lender to loan you a larger amount.
Save, save, save
Paying a deposit allows you to buy a more expensive car, as you’re chipping in your own money, so sticking to a budget before you apply and squirreling away some extra cash will allow you to borrow more when they go for approval and bring your ideal car closer to your reach.
Cut back non-essentials
Showing you can manage your repayments easily, with money left over as a buffer, will be the key to increasing your borrowing power. Before you apply, draw up a budget and try to find areas where you can cut your spending, such as dinners out and entertainment.
Common bad credit car loan questions
Can I repay my loan early without additional fees?
Yes – many of our partner lenders don’t charge early discharge or exit fees if you want to finalise your loan earlier than planned. They’ll also let you make extra repayments. However, this isn’t the case with all lenders, so you can speak with your consultant if you want to have the flexibility to do so.
I’m self-employed. Can I apply for a car loan?
Yes – if you work for yourself, you can apply for car finance. Instead of supplying payslips, you’ll be required to submit your latest tax return or an ATO Notice of Assessment from the past 18 months. If you can’t supply these, your consultant can look at some low doc options.
Can I apply under a Part IX Debt Agreement?
Yes – you don’t have to wait until your arrangement is over to apply. However, you may have very limited options if you choose to apply whilst still working your way through the agreement. Your approval chances will improve substantially if you apply after your agreement is completed.
Can I get guaranteed approval on a loan?
No – reputable lenders will check the credit ratings of all applications. Nevertheless, a bad credit history isn’t a dealbreaker with these types of loans. Focus on trying to better your approval chances by paying off debt instead of looking for guaranteed approvals.
I have unpaid defaults; can I still apply?
Yes – if you’ve defaulted on a loan or anything else and need a second chance at car finance, we can help you find a suitable lender for you, regardless of whether you’ve paid those defaults.
Will my work and residential history be taken into account?
Yes – stability is a big factor in the approval process. If lenders can see you have permanent living arrangements and consistent work, it will improve your odds of getting the green light.
Am I able to refinance?
Yes – you can refinance through your existing lender or a new one. Building up a healthy history of on-time payments and improving your credit rating will help your case when you’re ready to refinance, although doing so can cost you significantly if your loan comes with early repayment fees.