Refinance Car Loan With Bad Credit
Poor credit history shouldn’t put car loan refinancing beyond reach. We can help you lock in a new deal.
Poor credit history shouldn’t put car loan refinancing beyond reach. We can help you lock in a new deal.
Refinancing can unlock better interest rates, get you access to competitive loan deals and save you money, so if you’ve gone to significant lengths to prove yourself as a reliable borrower, we can help you reap the rewards of refinancing.
We’ve helped many Australians across the country with bad credit refinance their car loans through our multiple flexible and understanding lending partners. Our experienced consultants help maximise your approval chances by matching you to your most suitable lender.
If you’ve kept up with your payments, got a pay rise or paid off some debt, you can start the process with us today.
We have a customer-first approach to service, so you’ll be front of mind when being matched to a suitable lender.
Forget paperwork and long queues: our processes are completely digital and available to people all across the country.
Your consultant compares deals between specialist lenders to find the one which is most suited to you.
Extending your existing loan term can make your repayments more manageable, while shortening it can save you money overall.
Keep on top of your payments by scheduling weekly, fortnightly or monthly deductions. Lock in whichever works for your pay cycle.
There’s no need to scratch around for a deposit. Our lenders allow you to borrow the full value of your car with nothing paid upfront.
There are no fees or charges for making additional payments with some lenders when you have the cash and want to pay your loan off faster.
You don’t need to have year-round work. If you’re a grape picker or working in the ski fields, you can apply for a loan through us.
If you’re an aged pensioner or single mum whose income is topped up by government benefits, these count as income towards your loan.
Get a quote online and tell us about your current loan. Once completed, you have the option to proceed with your application if you choose to.
Using our state-of-the-art technology, your consultant matches your application to the best-fit lender to give you a great shot at approval.
With a lender locked in, your consultant prepares your application and may request copies of your supporting documents to do so.
Your consultant calls when you’re approved and emails you a loan agreement from your lender to sign so your funds can be released.
If you’re not behind on your payments and have taken the effort to improve your credit history, you may opt to look for a better deal.
Refinancing your loan comes with many perks, including:
Better interest rates
You can negotiate a lower interest rate if you’ve been making timely repayments on your bad credit car loan. Lenders charge higher interest rates to borrowers who are seen as a greater risk, so if they see you as a safer pair of hands, your rate is likely to be better.
Reduce repayments
If you want more room to move in your budget, you can reduce the size of your repayments by extending your loan term. However, this will see you paying more in interest overall.
Lower fees
Bad credit loans usually come with higher fees, so if you can show some improvement in your borrowing history and a healthier credit rating, you can unlock a cheaper overall loan.
More options
Switching loans can allow you to get access to a lender with better features. For example, you may be able to refinance with a lender who won’t charge you as much in ongoing costs as your current lender.
Avoiding late payments will have a positive effect on your credit rating. Being able to show a lender your credit rating has improved will put you in a better position to refinance when the time is right.
You’re more likely to get approved for a new loan if your car has held its resale value and is in good nick. Simple things like washing and detailing your vehicle, limiting its mileage and not skipping scheduled services can keep your car looking top-notch and minimise the likelihood of negative equity (owing more than it’s worth).
Consistent and regular work is key to improving your approval chances. So, showing you’re sticking at a job and taking home a steady wage will boost a lender’s confidence in your case.
Having a budget will mean you’re less likely to fall behind on your payments. Lenders also like to see you have been able to keep on top of your repayments and have a solid savings history, so sticking to this can reduce expenses and allow you to stash some cash.