Rapid Finance on 16 September 2022

You might be fond of your 2009 Commodore, but at some point it’s going to be time to swap it for something a little more reliable. As advances in technology and safety features progress so quickly, upgrading your vehicle is a great idea - particularly for those who drive frequently. But what if you have bad credit? Isn’t it too difficult to obtain car finance when you have poor credit? Well, not necessarily!

In an ideal world, everyone would have enough spare cash to buy their new car outright, but this is rarely the case. Most Australians use credit to purchase a new car because paying off a loan each month is a lot easier to manage and more convenient than having to save up for years and years for a new set of wheels.

Need a car loan but have bad credit?

Whether you require a vehicle upgrade for work, (like a 4x4), more comfortable weekend trips away or to accommodate your growing family, sometimes a car loan is necessary. But what if you have bad credit?

Although reputable lenders check your credit score when you’re applying for a car loan, that’s not the only thing they look at. At Rapid Finance, we could help you find a bad credit loan by investigating your complete financial circumstances - not just your credit score. We also partner with a diverse range of lenders to increase your chances of getting a loan for your vehicle upgrade - even if your credit score isn’t perfect.

How do we assess your borrowing power?

Your borrowing power is the highest amount a lender will approve when you apply for a loan. Although a higher credit score makes you a more attractive applicant, lenders also look at:

  • Your level of income

  • How much you spend on a monthly basis

  • Your relationship status

  • How many dependants you have

If you’re not sure about what your credit score is, request your free credit check to discover your borrowing potential. Even with a bad credit score, you might be surprised at how much you can borrow.

Is a bad credit car loan a good option?

Bad credit car loans are loans designed for those who have poor credit history or, due to their circumstances, might find it difficult to get a loan from a traditional lender. This can include those who have poor financial stability, are working in a casual or part-time job, and people who are ex-bankrupt or in a Part 9 debt agreement.

Even if you’ve already received a few car loan rejections, don’t worry. There’s a car loan out there for almost everyone – it’s just a matter of knowing where to look. If not, we will give you a recommendation of what to do so you can hopefully get a loan in the near future (generally around 3 months or so).

At Rapid Finance, our car loan experts will talk you through the entire process and ensure you get a good deal for your situation. We have helped thousands of customers who have bad credit – whether you want to buy from a dealer, a private sale or from our wholesale network.

Looking for a loan for a car, a home, or for something else? Then check out our bad credit loans.

Wholesale network vehicles at Rapid Finance

Did you know that, through our extensive wholesale network, we offer customers a one-stop-shop to help you source the perfect vehicle for your needs?

Through our network, we will do some extra checks on your behalf, including checking that the vehicle is in great condition.

We will also check :

  • That there is no money owing on the vehicle.

  • That the vehicle has not been a repairable write-off.

  • That the vehicle has not been in any serious accidents. 

  • We will check if everything works on the vehicle.

  • We will get the roadworthy for the vehicle.

  • We will do a detailed inspection on the vehicle. 

Find out more info about our wholesale network vehicles.

For more information and to understand your options, contact the Rapid Finance team today.