Bad Credit Car Loans

The speed of your application will depend on a number of variables specific to your borrowing profile, such as your recent credit record, income, employment, the vehicle you wish to buy and more. We work with specialist lenders who can have applications approved and funded in as little as 48 hours.

If you're repaying your bad credit car loan and your credit score has improved sufficiently across your loan term to date, you may be able to look around to refinance your car loan with other lenders. You’ll need to prove you’re in a better financial position than you were when you took out your loan in the first place, as well as show that you've been keeping up with your repayments consistently. One other way is to trade in your current vehicle and pay out the bad credit car loan in full, although this may cost you an early repayment fee to do so with some lenders. It's important to note that if your credit score isn't as strong as it was when you took out your loan, you can expect to pay more in interest after refinancing.

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

No – there is no such thing as guaranteed car loan approval in Australia. This is because lenders are required to observe responsible lending obligations, meaning they have to assess each application thoroughly and determine whether applicants are in a position to take on the loan they're asking for. You should steer clear of lenders offering guaranteed approvals, as they may not be complying with Australian law. All you can do is try to make yourself as appealing an applicant as possible, which will go a long way towards helping you get approved.

No – all lenders will conduct a credit check. You shouldn’t be too concerned about a credit check when you look at a bad credit car loan, as lenders are already anticipating a patchy credit history. There are limits to what lenders will accept, though, but there are many lenders that are very flexible when reviewing one’s credit file. When you speak with your consultant, they’ll review your file to make sure that you application is sent to the right financier. There may be some rent-to-own organisations that may not require a credit check, but all legitimate financiers will.

Yes – you can be approved for car finance if you’re self-employed and have an imperfect credit score, both for you and your business. Lenders will generally look to ensure you’ve been working for yourself for at least one to two years at the time of your application. The only other major difference comes in terms of documentation requirements: you’ll have to submit your tax returns from the most recent financial year (or two most recent years). However, if you don’t have access to these, we also offer low doc finance options to self-employed individuals.