Need a second chance car loan? We can help
Don’t let bad credit hold you back. Savvy helps you drive away your own car sooner
Bad credit is OK
Do you have a bad credit rating? Have you been rejected for car loans? You deserve a second chance! At Savvy, our experienced bad credit car loan consultants can help you achieve your dream of owning a new or second hand car, even if you have bad credit.
Don’t despair! Our car loan consultants are experts at getting those tricky deals approved. We can also advise you on steps to take to improve your credit rating and have you on your way to owning your car in no time.
Trusted brand
Savvy has helped thousands from across the country secure financing when banks and other financiers were unable to. Savvy partners with a range of specialist lenders that are prepared to look ‘outside the box’ for the right customer.
Our consultants have many years of experience, they take the time to understand all the details of your profile in order to deliver high approval rates.
Why more bad credit customers trust Savvy
We use our extensive experience in bad credit car loans to help you gain approval. You get a personalised consultant from start to finish.
Over 10 + years of experience
A wider range of lenders
Bad credit consultants
No deposit? No worries
Obligation free application
Your car, your way
Who can we help?
Customers with defaults
Defaults on your credit file can cut off finance options from many of the bigger banks and can be difficult to overcome, as they stay imprinted in your history for five years. However, we partner with lenders who are willing and able to work with your situation. Our consultants know the product market, so we can help you find the right deal to fit with your profile.
Customers who want an older/used car
Because most car finance requires your car to be used as security to back up the loan, lenders can be picky when it comes to the types of cars they accept as collateral. Many major lenders will refuse to finance cars older than ten years. Our lenders are flexible, with some offering finance on vehicles up to 20 to 25 years old and others not capping their car age limit at all.
Customers with little to no borrowing history
To a lender, no credit history is about as good as having a bad one. Because they have no indication of how reliable you are as a borrower, most will swiftly reject your application. However, even if you haven’t borrowed before, our lenders can approve your car finance application if you can show us that your income is sufficient to comfortably handle repayments.
Customers who earn income via Centrelink
Borrowers whose Centrelink benefits make up a more substantial percentage of their income also struggle when it comes to getting approved for car finance. Our lenders are willing to work with customers who have alternative forms of income like Centrelink, especially those who derive up to, or more than, half of their income through benefit payments.
Casual employees and those under short-term employment
Most mainstream lenders will require applicants who work casually to have worked with the same employer for at least 12 months consistently, which isn’t always the case. Specialist lenders don’t impose the same restrictions on employment and are more open to accepting shorter-term employment in their car loan applications.
Self-employed customers
While part of conventional car loan application requirements typically involves supplying employment contracts and payslips, our specialist lenders can assist self-employed applicants, who may not have their financials up to date, explore their low doc finance options.
Customers who are ex-bankrupt or in a Part IX
Discharged bankrupts and those under a Part IX debt agreement face an uphill battle to access any sort of finance, including car loans. Our lenders are generally more interested in your current ability to service a loan than your past, so one of our consultants will lead you through the process and find the right finance deal to help you buy your car.
What factors increase your chances of approval?
Income and employment
These factors are perhaps the most important in determining how suited you are to repaying the loan. Lenders will look for applicants whose income will comfortably cover the loan’s repayment requirements. As part of this, they’ll want to see that you’re able to maintain consistency in your employment and aren’t at major risk of finding yourself out of a job. They won’t approve a loan for a customer whose monthly income is eaten away substantially by their car loan repayments, for instance.
Residential history
Lenders will also look to your residential history as an indicator of the strength of your application. This is because they want to see that your living arrangements are stable and unlikely to change or deviate too much into the future. Changes in these arrangements often lead to changes in costs like rent and lenders want to ensure that the loan can be financed no matter what.
Loan amount
Not all cars can be feasibly financed if you have a bad credit score. A lender will want to see a realistic loan amount in the applications that they consider: the lower the amount, the lower the risk. For example, no lenders will accept a $75,000 loan application for a bad credit customer, as they likely won’t be able to service the loan with interest on top of principal repayments.
Keep your spending in check
Your cost-of-living expenses and how much of a burden they place on you will inform your lender’s decision also. As mentioned previously, they’ll want to see that paying off your loan won’t make your life overall significantly more difficult. Also, if you can prove yourself to be relatively responsible with your money, it can go a long way towards helping your chances of approval.
Seek help
As part of your application, lenders will assess your credit report to determine whether there are recent default issues that may indicate further issues repaying debt. This will be particularly relevant if these defaults are of a similar nature to a car loan, which will be more likely to lead a lender to reject your application.
What our customers say about their finance experience
Read true stories of about customers about their finance experience with us
Savvy is rated 4.8 for customer satisfaction by 2681 customers.
