Competitive
We have access to some of the lowest industry rates giving us the competitive edge to find you the best rate car finance.
Yes, you can get a car loan with bad credit in Australia! Specialist lenders look at your income, your job and your ability to repay today, not just an old credit score. At Fox Finance Group, we specialise in bad credit car loans, offering a genuine second chance for people right across Australia. We understand that life happens, and a low credit score shouldn't prevent you from securing a new and reliable vehicle.
We compare more than 50 lenders & 100's of loan options to not only find the one most likely to say yes , but also give you the loan that meets your needs. Don't let past credit issues stand between you and the car you need. Regardless of what has gone wrong in the past, we'll work with you to get the approval you need.
A bad credit car loan is finance from a specialist lender who looks past your credit score to your current situation. These lenders weigh up your entire profile and situation, including employment and income, your residence and how stable this is, your account conduct on bank statements and everyday spending, the vehicle you're purchasing, and any current or recent financial liabilities/responsibilities you have maintained.
These specialist lenders also take any past credit mistakes, and look to put a story together that explains why they happened, what has been done to fix the mistake, and what has changed since the mistake was made. By taking this common sense approach, you can genuinely get approved even if you have had past problems like defaults and late payments.
Based on all this, lenders then decide whether the positives in your application outweigh the negatives, and then offer an approval based on this.
This is the whole point of using a broker for car finance with bad credit. We know which lenders assess character and your capacity to repay a loan right now, not just your credit history. We thoroughly assess your application and get the answers to the questions we know lenders will ask. So that you have the best chance at getting approved the first time.
There is no single score that gets you approved or knocked back. Equifax, one of Australia’s main credit bureaus, rates credit scores from 0 to 1,200. A score of 0 to 459 is considered below average. Specialist lenders regularly approve car finance regardless of credit score.
Although a low score can narrow your options, it rarely closes the door entirely on its own. What matters just as much is what sits underneath the score: are you working, is your income regular, have you repaid anything recenlty or maintained payments on a commitment, can you demonstrate the capacity to repay a loan, and can you meet the repayments without strain. When we look at bad credit car loans for you, we take into account the full picture, not just one number.
If you are not sure what your score is, you can check it free with Equifax or another bureau. Checking your own score is a soft enquiry and does not affect it. You can also checkout our blog on Credit Scores & Bad Credit Loans to better understand what your credit score is and how it is used by a lender.
Standard documents include photo identification and a second form of government ID like a Medicare Card, proof of income such as recent payslips, and your last 90-days of bank statements (which we can retrieve for you). Some lenders ask for a little more when there is bad credit on file, for example a note explaining a past default or evidence of steady rent payments to offset missed payments on a loan. We tell you upfront exactly what we will need to give you the best chance of approval.
Having these ready speeds everything up. Clean, recent bank statements do a lot of the heavy lifting on a bad credit application, because they show a lender how you actually manage money now, which often says more than a score from two years ago. For a comprehensive guide on bank statements and how to make sure they are approval ready, check out our blog 10 Ways to Make Your Bank Statements Approval Ready.
No. When we check your options, we use the details you give us and a soft look at your position, which does not affect your credit score. Your file is only affected once you agree to a formal application with a lender and your application is submitted.
This matters even more when you have bad credit, because scattering applications across several lenders and brokers leaves a trail of hard enquiries that can drag your score down further. We help you avoid that. We compare the panel first, then apply once, to the lender most likely to approve you. One considered application beats five hopeful ones.
Here is an example of a customer we recently helped.
They came to us needing a reliable car for work, and were looking to borrow around $30,000. They had a $1,200 telco default from a few years back, which they had put under a payment arrangement. Some late payments on a credit card from a few months ago, and a small pay day loan. Two mainstream lenders had already knocked them back and supplied no explanation. And a broker had also advised them they could not be approved.
We looked at the full picture. The default was due to changing address and forgetting to disconnect their internet. The late payments were caused from a change in their pay cycle. And the pay day loan had been used to pay for emergency repairs to their now broken down car. With these explanations as well as highlighting the customer strengths, regular pay landing in the account each week, Rent paid on time, default being paid consistently, and stable employment since moving a few years ago. We were able to find a lender who assessed character, not just history, and factored in all these points to help make the customers application as string as possible. The customer ended up getting approved for the full amount, with repayments under their budget, and the ability to make extra payments. To see what our customers say about us, check out our Google Reviews.
That is the difference between a score and a story. The default was real, but it was one line in a application full of reasons to say yes.
Eligibility comes down to your current situation more than your past. In general, your chances of approval are stronger if you meet the criteria below. Meeting them does not guarantee approval, but it puts you on solid ground.
If you do not tick every box, it is still worth a conversation. Lenders differ, and a strength in one area can offset a gap in another. We have seen a steady job and a clean bank statements carry an application that a score alone would have stopped.
Provide some details about yourself, your loan objectives, and the car you want to buy.
Our car loan Lending Specialists will run through all of the finer details to get your vehicle finance underway.
We'll get you approved with the lender best suited to your individual profile. You'll be able to go car shopping, knowing exactly what you can purchase!
Once everything is verified, we'll walk you through a simple contract signing process.
We'll communicate with your lender through the entire settlement process. You'll know exactly when you can pick up the new car!
Provide some details about yourself, your loan objectives, and the car you want to buy.
Our car loan Lending Specialists will run through all of the finer details to get your vehicle finance underway.
We'll get you approved with the lender best suited to your individual profile. You'll be able to go car shopping, knowing exactly what you can purchase!
Once everything is verified, we'll walk you through a simple contract signing process.
We'll communicate with your lender through the entire settlement process. You'll know exactly when you can pick up the new car!
We have access to some of the lowest industry rates giving us the competitive edge to find you the best rate car finance.
We do the running around for you and compare car finance options and rates from over 50 lenders.
We work hard to get your finance approved fast. Same day approvals are available - ask us how!
We find and compare car finance options that best suits your needs and budget with flexible repayment terms available.
To increase your chances of approval with our panel of lenders, you must:
Be 18 years of age or older
Be a permanent Australian Resident or citizen.
Be employed full time 1+ months / casually employed 3+ months
Earn a gross annual income of $45,000+ or more.
as a Financial Services Group helping customers Australia wide
of processed applications for everyday Australians and SME businesses
applications since 2006 and growing
out of 5 by our customers on Google
A bad credit car loan is a type of vehicle finance specifically designed for individuals who have a low credit score or a history of financial difficulties, such as defaults, missed payments, bankruptcies, or debt agreements. Unlike traditional lenders, specialised bad credit lenders look beyond your credit history and focus on your current ability to repay the loan.
You will need to supply the following documents:
Yes, absolutely! While the big banks might be hesitant, we work with a panel of over 50 lenders, meaning we can match you with a lender who understands your unique situation and specialises in bad credit car loans.
Once you’ve submitted your application for a bad credit car loan, one of our experienced lending specialists will contact you within 15 minutes (Monday to Friday) to walk you through the next steps.
We will review your financial situation in more detail, explain your options clearly, and work with you to find the most suitable lender from our panel.
We strive for same day or within 24 hours for approval. Keep in mind that depending on factors like lender turnaround times, information provided, and credit history may extend getting your loan approved.
While a deposit isn’t always required, having one can significantly improve your chances of approval and potentially lead to better loan terms. A deposit shows the lender that you’re committed to the purchase and reduces the amount you need to borrow, thereby lowering their risk.
Yes! While it might require a slightly different approach than employees who work for a company, many lenders on our panel specialise in helping self-employed individuals secure the finance they need, even with a less-than-perfect credit history. They’ll typically look at your income stability, business history, and your overall financial health to accurately evaluate your borrowing capacity.
Interest rates for bad credit car loans are generally higher than those for borrowers with excellent credit. This is because lenders perceive a higher risk when lending to individuals with a not-so-perfect credit score. Rates can vary, but your dedicated lending specialist at Fox Finance Group will go over your offers and help you understand the total cost of your loan, including any fees.
When you apply for a bad credit car loan through Fox Finance Group, we start by conducting a soft credit check. This initial step lets us assess your credit profile without impacting your credit score or leaving any marks on your credit file. It’s a smart, risk-free way for us to identify lenders that are most likely to approve your application based on your current financial situation.
If you choose to move forward with a loan offer, the selected lender will then carry out a hard credit check. This is a standard industry practice that will slightly lower your credit score and will leave an enquiry on your credit report.
It’s important to understand that multiple credit enquiries, especially when applying for bad credit loans, can negatively affect your score and reduce your chances of getting approved. To give you the strongest possible outcome, we recommend that while you’re working with us, you avoid making additional loan applications elsewhere. This strategy helps protect your credit score and maximises your chance of securing the most competitive loan approval available to you.
A secured bad credit car loan is a type of loan where the vehicle you’re purchasing is used as collateral (also known as security) for the loan. This security reduces the lender’s risk, which often makes it easier for individuals with a low credit score to get approved.