Second Chance Car Loans
If you’ve made some wrong turns on your credit journey and feel like you’re at a dead end, we can help. Apply today and get a second chance at approval.
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If you’ve made some wrong turns on your credit journey and feel like you’re at a dead end, we can help. Apply today and get a second chance at approval.
Having a bad credit history can feel like a burden hanging over you. We understand how frustrating it is when banks deny you a chance at finance because of it, but that’s where we can help.
By partnering with understanding lenders, we can get you a second chance at financing in as little as 48 hours. Apply today and have one of our experienced consultants find your most suitable lender in a few clicks, giving you the best chance at approval.
Our rapid processes mean we can have you approved and funded in as little as 48 hours after you apply with us.
Our highly efficient consultants guide you through our application process, giving you the best shot at a second chance.
Customers consistently choose to put their trust in us because of our smooth and hassle-free processes.
The major banks aren’t your last chance at car finance. Our lenders specialise in loans for those with less-than-perfect credit.
You can pay over one to five years weekly, fortnightly or monthly, letting you decide how quickly you repay your car loan.
By assessing your borrowing power, our lenders can have you approved for loans upwards of $5,000 on new and used vehicles.
Freelancers, tradespeople and other people who work for themselves can apply for bad credit car loans.
Don’t stress if you have unpaid defaults stuck to your credit file. Our lenders focus on what you can afford now, not your history.
There’s no such thing as a last chance, even if you’re a discharged bankrupt. We can help you get a second chance at car financing.
Take a few minutes to ask us for a quick online quote. You’ll also get the option to go forth and apply, but if you’re not ready, a consultant will call to discuss your options.
Once you’ve applied, your consultant uses our advanced in-house technology to match you to the lender most likely to grant you approval and a fair deal.
Sit back and relax as your consultant prepares and submits your application to the lender, as they’ll know the criteria inside and out.
After being approved, your consultant will email you a loan agreement to sign so your funds can be released and you can buy your car.
There can be many costs associated with keeping your vehicle on the road outside of simply buying it from a car yard or private vendor. Lenders will factor these expenses in when assessing your application to ensure you don’t experience any difficulty repaying the loan, but it’s still worth considering the following factors before you buy:
Registration
The cost of car rego ranges from $60 to $1,200 annually based on your make of vehicle and where you live. For example, NSW charges a flat fee of $68 for registration but applies taxes starting from $220 depending on the car’s weight. However, Queensland combines your rego, CTP insurance and a ‘traffic improvement fee’ into one vehicle registration cost.
Stamp duty
How much stamp duty you’ll pay will depend on your car’s value and the state in which you live. For example, the SA government calculates its stamp duty using an equation of $4 per $100 of your vehicle’s value. It then adds a $60 fee on top if it’s worth more than $3,000. Victoria is the only state where stamp duty is determined by whether your vehicle is new or used. All vehicles worth under $66,331 attract a stamp duty cost of $8.40 per $200. However, if you own a ‘luxury’ car worth over $66,331, you’ll pay $10.40 in every $200 if it’s new or $8.40 per $200 if it’s used.
Licencing
You won’t get far without a valid driver’s licence. These charges vary per jurisdiction, such as the Victorian government charging $84 to renew your licence for three years and the WA government charging $149.50 for five years.
Insurance
The average cost of comprehensive car insurance in Australia is about $1,100. This comes down to several variables such as your age, gender, make of car and where you live.
Fuel
You’re always keeping an eye out for the cheapest petrol when you’re on the road. Driving your car fast, getting stuck in peak-hour traffic and the condition of your car all affect how much fuel it’ll use. If you’re buying a new vehicle from a car dealership, it should have a fuel efficiency sticker on its windshield.
Regular servicing
A scheduled service can cost upwards of $200. You can expect to pay more for services the older your car is. Keeping an eye on your tyre pressure, oil levels and air filters will save you money when going in for a check-up.
Depreciation
As you’ve probably heard time and time again, your car’s value drops about 10% as soon as it leaves the car yard. Depreciation is important if you’re looking to sell or trade in your vehicle. You risk having negative equity if your car is worth less than the money left owing on it. Opting for a shorter term and keeping your car well-maintained are some ways of reducing the likelihood of negative equity.
Your repayments
Your car loan is among the most important costs associated with owning a vehicle. Factor in these costs when drawing up a budget alongside the ones listed above to help keep on top of your regular repayments.
You’ll have a greater borrowing capacity if you’re carrying less debt. Paying off some of your arrears or unpaid defaults will improve your credit file and allow you to borrow more new debt. Call your creditor when you pay an unpaid default and ask them to list it as ‘paid’ on your file.
Lenders will look at your saving history when assessing your affordability for a new loan. They’ll look for consistent saving patterns, so having a bank of money behind you will ensure them you are more able to meet your repayments.
While these loans don’t require deposits, having an upfront payment can boost your borrowing power. A hefty deposit reduces what you owe upfront and allow you to purchase a car you wouldn’t have been able to without one.
If you’re following a budget, putting your spending under the microscope can be an easy way to find some spare cash. Looking to reduce costs associated with any luxuries such as going out may mean you can afford a large loan.
Consider scaling back the available limits on your credit cards before applying for a loan. Having less credit at your fingertips can allow you to borrow more when applying for a car loan.