Bad Credit Loans

Frequently Asked Questions

• Can I get a guaranteed-approval bad credit car loan?

  There is no such thing as guaranteed approval for bad credit loans. In fact, obtaining finance with bad credit can be tricky. There may be obstacles like defaults, part ix agreements and bankruptcy to overcome before lenders will consider approving a loan.

  But with hard work and patience, getting loan approval is possible. And at Rapid, we're not shy of hard work. We'll speak to as many lenders as we need to in order to find finance that suits your circumstances. Call 1300 467 274 to find out how we could help you.

• Is it possible to get an instant decision on a bad credit loan?

  Any loan application takes time; applicants with bad credit may have to clear more hurdles than those with a clean credit history.

  But with patience, we could help you find the best loan for your circumstances.

  While we search for the best possible equipment loan for your circumstances, we'll give you an instant, honest assessment of your chances of obtaining finance. Even if we can't help you today, we can advise you on the best course of action to get finance in the future.

• What information is used to assess a bad credit loan?

  Similar basic information is used to assess an applicant whether or not they have bad credit. This includes personal and financial details, like level of earnings and work history.

  The big difference comes when the lender runs a credit check. If multiple defaults, bankruptcies or part ix agreements show up, it can make obtaining finance more difficult.

  But not impossible.

  Rapid Finance can give you an honest assessment of how your overall circumstances look to potential lenders. Crucially, we have the industry knowledge to ensure the positive aspects of your loan application are emphasised. It gives you the best chance possible of having your application assessed fairly.

• Can I get car finance now that I've paid out my part ix debt agreement?

  Great work on paying down your debts! The good news is we've helped plenty of people with a paid-out part ix on their credit file. That's because we're experts in presenting the best case possible to the financial institutions we work with. We'll ensure the paid-out ix is considered fairly as part of your application - rather than it being the focal point. Call 1300 467 274 to find out if you can obtain car finance with bad credit.

• What's the interest rate for a bad credit car loan?

  See the table at the top of this page for example interest rates. It's important to remember that while bad credit can affect the interest rate of a loan, that rate is also affected by other factors - like your personal and financial circumstances.

• What size deposit will I need for a car loan if I have bad credit?

  If you have outstanding debts, use the money you've saved to pay them out first. This will improve your chances of obtaining finance.

  If your debts are paid, the larger a deposit you can put on a loan, the better. A large deposit means the lender is taking a small financial risk, which could result in a more favourable interest rate. Call 1300 467 274 and we'll help turn that deposit into a new car.