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Bad credit car loans
Borrowing money to purchase a car when you have a bad credit score doesn't have to be the stressful situation you might've imagined. There are options available that will see you drive away in your dream car today!
Fast information
Properties of this loan
- Online loans up to $1 900
- Term 3 - 12 months
Loan requirements
- You must be over 18 years old
- An Australian citizen or Australian permanent resident and have a regular income
- You will also need your own email address and mobile phone number
About company
More information about the company Ferratum Australia Pty Ltd.
Fast information
Properties of this loan
- Car loan up to $50 000
- Term 1 - 7 years
Loan requirements
- Be at least 18 years of age or older
- Earn a minimum of $15,000 per year
- Be an Australian citizen, permanent resident or have a valid visa
About company
More information about the company Australia and New Zealand Banking Group Limited
Fast information
Properties of this loan
- Car loan up to $80 000
- Term 1 - 7 years
Loan requirements
- Be aged 18 years or over
- Be an Australian citizen or have a permanent residency visa
- If you’re a non-resident, have confirmed employment in Australia
About company
More information about the company St.George Bank
Fast information
Properties of this loan
- Car loan up to $250 000
- Term 1 - 7 years
Loan requirements
- Be over the age of 18
- Be an Australian citizen or permanent resident
- Have never filed for bankruptcy
About company
More information about the company ING Bank (Australia) Limited
Fast information
Properties of this loan
- Car loans up to $80 000
- Term 1 - 7 years
Loan requirements
- Be aged 18+ and have a valid proof of ID – driver’s licence, passport or Medicare
- Be an Australian citizen
About company
More information about the company Suncorp-Metway Ltd
Fast information
Properties of this loan
- Car loan up to $100 000
- Term 1 - 5 years
Loan requirements
- Be at least 18 years of age or older
- Be an Australian citizen, permanent resident or have a valid visa
About company
More information about the company The Royal Automobile Club of Victoria (RACV) Ltd
Fast information
Properties of this loan
- Car loans up to $250 000
- Term 1 - 7 years
Loan requirements
- 18 years old or over,
- A permanent resident of Australia
About company
More information about the company Macquarie Bank Limited
Fast information
Properties of this loan
- Car loans up to $100 000
- Term 1 - 7 years
Loan requirements
- Be at least 18 years of age or older
- Be an Australian citizen, permanent resident or have a valid visa
About company
More information about the company National Roads and Motorists' Association Limited
Fast information
Properties of this loan
- Car loans up to $60 000
- Term 1 - 7 years
Loan requirements
- Be at least 18 years of age or older
- Be an Australian citizen, permanent resident or have a valid visa
About company
More information about the company The Royal Automobile Club of Queensland Limited
Fast information
Properties of this loan
- Car loan up to $55 000
- Term 1 - 7 years
Loan requirements
- Be aged 18 years or over
- Be an Australian citizen or have a permanent residency visa
- If you’re a non-resident, have confirmed employment in Australia
About company
More information about the company National Australia Bank Limited
Fast information
Properties of this loan
- Online loans up to $75 000
- Term 1 - 7 years
Loan requirements
- 18 years or older
- A permanent resident of Australia or hold a relevant work visa
- Not currently bankrupt
About company
More information about the company IMB Bank
Fast information
Properties of this loan
- Online loans up to $63 000
- Term 1 - 7 years
Loan requirements
- Be over 18 years old
- Be a permanent resident of Australia
- Have a gross income of over $30,000 p.a.
- Have no unpaid defaults in the last five years
- Have no bankruptcies in the last seven years Not be currently experiencing financial hardship
About company
More information about the company Wisr Finance Pty Ltd
Fast information
Properties of this loan
- Online loans up to $150 000
- Term 1 - 7 years
Loan requirements
- Be over the age of 18
- Be an Australian citizen or permanent resident
About company
More information about the company Credit Concierge Pty Ltd
Fast information
Properties of this loan
- Online loans up to $100 000
- Term 3 - 7 years
Loan requirements
- Aged 21 or older
- An Australian citizen or a permanent Australian resident
- Able to prove a regular source of income
- Someone with a good credit history
- Able to provide personal details, including your bank account details
About company
More information about the company Plenti RE Limited ABN
Fast information
Properties of this loan
- Car loans
- Apply online
- Term 3 - 5 years
Loan requirements
- Proof of identity
- Proof of income łDetails of your assets and liabilities
About company
More information about the company loans.com.au Pty Ltd
Fast information
Properties of this loan
- Online loans up to $250 000
- Term 3 - 7 years
Loan requirements
- Be over the age of 18
- Be an Australian citizen or permanent resident
- Have held good credit history over the last five years
- Have not declared bankruptcy in the past seven years
- Indicate whether or not you are a property owner. This includes mortgaged properties. Although this is not a requirement per se, it will better determine your solvency to pay off the loan
About company
More information about the company Stratton Finance Pty Ltd
Fast information
Properties of this loan
- Online loans up to $130 000
- Term 1 - 7 years
Loan requirements
- You must be at least 18 years of age
- Be a permanent resident of Australia
- Receive a regular income
- Have not been bankrupt or insolvent in the last five years
About company
More information about the company National Roads and Motorists' Association Limited ABN
Fast information
Properties of this loan
- Online loans up to $250 000
- Term 1 - 7 years
Loan requirements
- 18 years or older
- A permanent resident of Australia or hold a relevant work visa
- Not currently bankrupt
- Employed, or a self-funded retiree
About company
More information about the company Driva
Fast information
Properties of this loan
- Online loans up to $50 000
- Term 2 - 5 years
Loan requirements
- Must be an Australian citizen or a Permanent Resident residing in Australia
- Must be at least 18 years of age
About company
More information about the company SocietyOne Australia Pty Limited
Fast information
Properties of this loan
- Car loans up to $19 000
- Term 1 - 5 years
Loan requirements
- You must be at least 18 years of age
- Be a permanent resident of Australia
- Receive a regular income
About company
More information about the company Heritage Bank Limited
Fast information
Properties of this loan
- Online loans up to $30 000
- Term 6 - 60 months
Loan requirements
- Over the age of 18 years old
- Be receiving regular income
- Haven’t been bankrupt
- Be an Australian Citizen /
- Permanent Resident
About company
More information about the company Alex Bank Pty Ltd ABN
What is a car loan?
A car loan is just like any other loan except its designed specifically for the purchase of vehicles. The lender provides you, the borrower, a sum of money to purchase a car and then the amount plus interest is paid back in regular repayments over a fixed term. The interest rate determines how much interest you'll need to pay back. This is essentially the cost of borrowing.
The loan can either be secured or unsecured. Secured means an asset––usually the car––is used as security against the loan. If you fail to make your repayments the car will be repossessed in order for the lender to recuperate their money. Unsecured means there is no asset used as security and as a result of the extra risk to the lender, the interest rate, as well as fees and charges, are generally higher.
It's not impossible to get a car loan with a bad credit history but it is significantly more difficult than if your credit rating was good. If you find yourself ineligible for a regular car loan due to bad credit, you still have options available, it just means that you'll likely have higher fees and charges due to the extra risk the lender is taking on by lending to you. This higher risk factor may also mean you'll need a guarantor to provide extra security against the loan.
Finance options
Payday loans. The interest rates, fees and charges are generally high with payday loans but it might be a good option for you if you're needing between $100 to $2,000. The amount needs to be paid back over a period of as little as 16 days up to 1 year.
Credit repair. Sometimes errors are made on your credit file such as a family member with a close name having their credit history mistakenly recorded on your report. Credit repair can help you identify and repair any errors that have occurred in your credit history.
Bad credit car loans. There are lenders with car loans specifically for people with bad credit. Due to the higher risk due to lending to someone with a bad credit score, the costs associated with this type of loan are high.
Information on bad credit car loans
What is the interest rate?
The interest rate is a percentage of the overall loan amount charged periodically which directly affects the repayment amount. The higher the interest rate, the higher the repayments. Interest rates for bad credit loans can be as high as 48% per annum.
What is the car loan term?
The loan term can range from 1 to 7 years. A shorter loan term will keep interest costs down as the loan will be repaid quickly but this will increase the monthly repayment amount. The opposite is also true, a longer loan term means smaller monthly repayments but will increase the amount of interest repaid over the term of the loan.
Are extra repayments allowed?
Making extra repayments allows you to pay off the loan earlier and consequently saves you money by avoiding extra interest charges. It's worth checking if you'll have the option of making extra repayments as well as the ability to pay the loan off earlier than the loan term because this can be a great way to reduce the cost of the loan.
What are the fees?
Some common fees include:
- Monthly admin fee. These can range from $5 to $20 per month.
- Establishment fee. Generally around the $400 but can range much higher.
- Early repayment fee. This is an important one to look out for. It makes financial sense to pay off your loan as quickly as possible, after all, it makes it cheaper. So using a lender who penalises you for paying off your loan might not be the best option for you.
Getting a car loan with bad credit history is probably going to cost you a bit more than a regular car loan, but finding funds to get you in that much-needed car is far from impossible.
