Car Loan Interest Rates Bad Credit
Want a car but have bad credit? We connect you to lenders offering car finance with fixed interest rates to take the fuss out of applying today.
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Want a car but have bad credit? We connect you to lenders offering car finance with fixed interest rates to take the fuss out of applying today.
If you want to buy a car but have a poor credit history, we can help give you some added financial assurance. Our experienced consultants are unrivalled in their knowledge of the market. They’ll compare deals from our lending partners to find your perfect match.
You’ll also receive a fixed interest rate, which allows you to plan for the future knowing your repayments are set in stone for each instalment. Apply today and drive away before you know it.
Our efficient consultants are known for their rapid turnarounds and can have you approved and funded in as little as 48 hours.
Getting a no-obligation quote allows you to dip your toe in and see your borrowing capacity without it hurting your credit rating.
Your consultants know our lender’s processes inside and outside, so sit back and relax as they prepare your application.
You’ll be protected from rate rises and have the peace of mind of predictable repayments on a fixed interest rate.
Pay back your loan weekly, fortnightly or monthly: you get to choose in line with whichever is easiest when budgeting.
Everyone has to start their credit journey somewhere. If you’re a first-time borrower with little or no credit history, you’re still able to apply.
Having the choice of new or used cars from private sellers or dealerships gives you the luxury of more options to choose from.
How fast you repay your loan is up to you, with term options between one and five years available to suit their needs.
Depending on your financial footing, you can be approved for loans from $5,000 up to a maximum of $100,000 in certain cases.
Apply now via our website. Fill out a quote and have a consultant call you. You’ll also be given the option of submitting a formal application.
After applying, your consultant will use our state-of-the-art technology to match you with your most suitable lender, giving you the best chance of approval.
Your consultant knows this process like the back of their hand, so they’ll prepare and submit your application, tailored to your lender’s requirements.
Your consultant will call once you’ve been approved and you’ll be asked to sign some digital paperwork to allow your loan funds to be released.
While you won’t necessarily be able to get a bad credit car loan with low interest, many factors go into determining what your actual rate is. Consider some of the factors which can play a role in determining your rate:
Income
The more you earn, the better your chances of being offered a lower interest loan. Lenders assess your application based on how much of a risk you pose. If you have a higher salary, you’ll be seen as more capable of making the repayments, particularly if their cost is very affordable for you, and your risk profile drops. Also, showing a lender you have a strong employment history within your industry will improve your case.
Savings
When a lender looks over your finances, they’ll keep an eye out for consistent saving habits. This shows you’re not living pay cheque to pay cheque. Because of this, a lender may have more confidence in you making repayments and be able to offer you a better deal.
The age of your asset
The older your car is, the more it’s likely to cost in interest. As the vehicle is used as security against your loan, the lender is taking more of a risk if it’s racked up the kilometres on the odometer. Purchasing a factory-fresh vehicle or near-new second-hand in good condition will help you get a better rate.
The nature of your bad credit
The better shape your credit file is in, the better your borrowing rate is likely to be. A couple of defaults from late bill payments a few years ago will almost always attract lower rates than a recently discharged bankrupt, for instance. Paying off your defaults will improve your score. They’ll still be on your report, but they’ll be listed as ‘paid’ and will improve the health of your credit score.
How you apply
Leave the loan shopping to us. By putting your faith in us, your consultant matches you to the most suitable lender with the most competitive rate. Our consultants draw on relationships with lending partners to negotiate a better deal than you may be able to on your own.
You’re likely to get a better rate if you have a better recent credit history. Utility and telecommunication companies are often quick to add defaults to your credit file if you miss a payment, so paying by the due date is a good way to protect the health of your score.
Buying a newer model vehicle in good condition may help you get a better rate. The car acts as security over your loan, so your lender will be taking less of a risk if you own a vehicle of greater resale value.
Scaling back your credit card limits, cutting up cards you don’t need and paying off outstanding debts and defaults are all ways to increase your chances of getting a better rate.
Lenders want to know that you can afford your repayments and the loan you’re applying for won’t cause any financial stress. They may be able to offer a better interest deal if you’ve reduced your expenses and given yourself more breathing space in your budget.