A bad credit score can make it difficult for borrowers to get approved for a car loan. For many, their poor credit is one of the only things keeping them from purchasing the vehicle they need.
The good news is there are specific types of loans that cater to those with low credit scores or poor credit histories—they're called bad credit car loans also known as second chance car loans. Car loans for bad credit lets borrowers purchase the car they need right away.
Bad credit car finance isn’t limited to those with low credit scores, either. These loans are also great for those with little to no credit history, casual workers, self-employed individuals, and people who lack certain financial documents. Talk to Aussie Car Loans today and find the best bad credit car loan for you!
What makes bad credit car loans different?
Bad credit car loans may come with certain restrictions. Lenders may limit the loan amount, loan term options, and the type of car you can purchase. The interest rates on bad credit car loans may also be higher compared to a standard car loan.
Aside from a few limitations, car loans for bad credit operate like a traditional car loan. You’ll borrow a certain amount from the lender, and you’ll pay it back with interest through regular instalments.
Apply for a loan with bad credit with Aussie Car Loans
Not all car loans for bad credit are made the same. Some may be more suited to you than others. The real challenge is finding the perfect one that fits your situation.
Finding the ideal bad credit car loan takes serious time and effort. You may have to sift through dozens of loans and lenders which can take longer than you’d think. If you want an easy and stress-free way to find the right bad credit car loan, get in touch with Aussie Car Loans.
Aussie Car Loans, powered by CarLoans.com.au, works with only the most trusted lenders across the country to provide you with the best bad credit car loans in Australia. From application to settlement, we will help you every step of the way!
How to get a bad credit car loan
When you work with Aussie Car Loans, all you need to do is fill out an online application form and we’ll get in touch with you! Let us know your car loan needs and we’ll find you the best bad credit finance available. We’ll handle the application and settlement on your behalf. All that’s left for you to do is pick up your car and drive.
Types of bad credit car loans
You can get a secured bad credit car loan or an unsecured bad credit car loan. Usually, borrowers can get approved for secured car loans for bad crediteasier compared to unsecured, as it’s considered less risky for the lender. With asecured bad credit car loan, the lender can take the vehicle you purchased to cover losses ifyou fail to make payments.
On the other hand, an unsecured loan doesn’t require any sort of collateral. These loans may have higher interest rates and fees to make up for the additional risk to the lender.
Benefits of a bad credit car loan
In addition to helping you buy the car you need, a bad credit car loan offers borrowers plenty of benefits such as:
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An opportunity to rebuild your credit. As long as you make timely repayments, a bad credit car loan may help you steadily build your credit back up.
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Prove your creditworthiness to lenders. Credit scores are something lenders look to when deciding to approve or reject a loan application. By keeping up with repayments, you can show future lenders that you’re financially responsible.
Find the best bad credit car loan with Aussie Car Loans!
Get in touch with us today! Finding the perfect bad credit car loan that suits your financial situation is easy with Aussie Car Loans. Apply online or call 1300 889 669.
FAQ
For most lenders, a credit score of 550 or below could be considered low. You may consider applying for a bad credit car loan if you have a low credit score.
There may be lenders out there who provide bad credit car refinance. It’s best to shop around to find the best car loan refinance for you.
You can shop around specifically for bad credit car loans. Also, try contacting different lenders and asking about car loans for those with bad credit. If you want an easier time finding a loan, get in touch with Aussie Car Loans. As a broker, we can help you find a car loan that meets your needs perfectly!
Bad credit car loans are legitimate as long as they come from authorized lenders. Make sure to research your lenders and read the terms of your loan carefully before finalising anything.
It depends on the lenders. Talk to your potential lender to discuss the type of vehicles you’re allowed to purchase with a bad credit car loan.
Yes, you can still get a car loan with bad credit. Car loans for bad credit are available for those with low credit scores or poor credit histories.
Bad credit car loans usually have higher interest rates and come with certain restrictions depending on the lender. When looking for a bad credit car loan, make sure the terms and conditions of the loan are favourable to you and can meet your needs.
There are plenty of lenders out there who offer bad credit car finance. You can shop around and compare different rates. You can also talk to Aussie Car Loans for a stress-free loan application and settlement.