Bad Credit Car Loans

Need a second chance? Get Savvy on your side and get approved.

Need a second chance car loan? We can help

Don’t let bad credit hold you back. Savvy helps you drive away your own car sooner

Bad credit is OK

Do you have a bad credit rating? Have you been rejected for car loans? You deserve a second chance! At Savvy, our experienced bad credit car loan consultants can help you achieve your dream of owning a new or second hand car, even if you have bad credit.

Don’t despair! Our bad credit car loan consultants are experts at getting those tricky deals approved. We can also advise you on steps to take to improve your credit rating and have you on your way to owning your car in no time.

Trusted brand

So if you think you deserve a second chance, Savvy can help. Although a Bad Credit Car Loan solution is secured by the vehicle, the interest rates are usually higher due to the added risk, however we will help you get the best car loan deal with repayments which you can afford.

That’s our promise! If you have been rejected by traditional lenders, contact one of our experienced consultants and we will find a car loan to suit your needs from one of our reputable lenders.

More bad credit customers trust Savvy

We use our extensive experience in bad credit car loans to help you gain approval. You get a personalised consultant from start to finish.

How can you get approved with bad credit?

Follow these steps to increase your chances of bad credit car loan approval

Some of your bad credit car loan questions answered

Read through our knowledge base to find answers to all your common bad credit car loan questions

What is a bad credit car loan?

A bad credit car loan is an automotive finance product that caters for those who have bad credit histories or high credit risks. Lenders consider people who have defaulted on credit, are former bankrupts or parties to Part IX Debt Agreements as seen as high credit risks, which decreases their chances of car loan approval.

What are the bad credit car loan interest rates?

If lenders and car loan brokers have deemed you to have bad credit or as a high risk, you may still have access to car finance. Unfortunately, these interest rates are noticeably higher than the usual market rates on offer to those who are in a prime borrowing position.

Can I get a car loan if I have declared bankruptcy?

Yes, if you have been discharged from a bankruptcy you can still get a car loan. Unfortunately, you must prepare yourself to pay a much higher interest rate than is usually advertised, sometimes higher than 19%. However, if you have not been discharged from your bankruptcy, you cannot get a car loan. There may be some lenders providing no credit check car loans however the interest rates would be higher and comes with some other drawbacks.

How can I refinance a car loan with bad credit?

If you got a bad credit car loan and have been keeping up with repayments and obligations, you can look around to refinance your car loan with other lenders. You will need to prove you’re in a better financial position than before to a new lender. One other way is to trade in your current vehicle and pay out the bad credit car loan in full.

What is part IX debt agreement?

Part IX Debt agreement is a formalised, legally-binding agreement between yourself and your creditors to pay back debts.

Can I get bad credit car loan with unpaid defaults?
Yes, it is possible to get a bad credit car loan if you have unpaid defaults. You have to be prepared to pay above the usual market interest rate. Some companies, such as telecommunications providers, are quick to add defaults to your name. It’s up to you to check your credit history for errors. Correcting your history could save you a lot of money.
Can I get finance pre-approval?

Yes – we can give you finance pre-approval so you know exactly how much you can spend on a car, and gain leverage over negotiating dealers.

Can I buy a used car with a bad credit?

Yes. However, you may run the risk of a higher interest rate due to the low residual value of your car. Ask your consultant for more details.

I am a business customer; can I apply for a bad credit car loan?

Yes, however we recommend you apply for a chattel mortgage or hire purchase. These are commercial finance packages designed specifically for business, and can save you on tax.

I have defaults on my credit history. Does this mean I can’t apply?

No – our consultants will help as much as possible to find a lender that will approve finance, even with defaults on your credit history. Of course, you must be prepared to accept higher than average interest rates.

How long does the application process take?

It can vary, but your consultant can get approval for you within the same day.

Your guide to bad credit car loans

Guides to help you gain the best chance at bad credit car loan approval

Use a car loan calculator to budget

Presenting a solid budget to a lender increases your chances of approval. You must know: How much can you afford to in repayments each week, fortnight or month? Have you figured out registration, maintenance, insurance and fuel? How much have you saved already, and what is the gap between what you’ll need for a loan and what you already have? You can set a budget by using a car loan calculator, which gives you an estimate of repayments.

Budget for a car within your means

Before searching for any type of car, you must consider your financial situation. Though we’d all love a supercar, that is way out of reach for most people. You must make sacrifices if you want to ensure approval for a bad credit car loan. Look around online and in trade papers for cars within a modest price range. If you are approved for finance, ask for pre-approval so you stick to that budget.

How bad credit car loans may correct your credit?

Bad Credit Car Loans can be an instrument to repair your credit. Demonstrating you are responsible with your finances, your credit history will improve over time. It may take years – as much as seven years – but paying off a loan on time and in full will show other lenders you are a lower risk. In some cases, your risk profile may go down enough that you can refinance your car loan at a more favourable rate.

No credit check car loans - Don’t take the bait

If you feel frustrated due to car loan rejections from banks or lenders, it’s tempting to opt for a no credit check car loan. This can often lead you down a garden path, as no credit check lenders assume you are the highest possible risk, and only lend at the highest possible interest rate, sometimes up to and over 30%! You may also have to come up with a big deposit and pay off the loan over a longer term, costing you much more.

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