Bad Credit Car Loans
Need a second chance? Get Savvy on your side and get approved for your car loan.
Fact checked
Bad credit car loans approved with Savvy
Bad credit is OK
Do you have a bad credit rating? Have your car loan applications been rejected by the banks? You deserve a second chance! At Savvy, we’re partnered with a wide range of reputable lenders to give you more options when it comes to financing your vehicle. Whether you’re a single parent, receiving Centrelink benefits or have defaults on your file, we can help you secure a bad credit car loan suited to your situation.
Our experienced consultants can help you maximise your chances of approval for your car loan and advise you on steps to take to improve your credit rating. With Savvy, you can be on your way to owning your car before you know it.
A trusted brand
We’ve been helping Australians from all walks of life finance their vehicle the right way for over a decade, with our 4.9-star Feefo rating representing the overwhelming satisfaction our customers feel throughout the process.
Get the wheels in motion on your second-chance car loan application by completing a free, no-obligation quote with us today to find out whether we can help you secure the finance you’re looking for.
Our bad credit car loan features and benefits
High approvals
We’re lenders who specialise in dealing with customers who have no borrowing history, inconsistent income, struggled with their credit score in the past and even prior paid or unpaid defaults.
Borrow from $5,000
Our bad credit car loans start from $5,000 and can be approved up to as much as $100,000, though the amount you’re approved for will depend on your eligibility and borrowing power.
No deposit required
If you’re looking for a car loan with no deposit, we can help you find finance for 100% of the car's cost. In some cases, you can also include on-road costs such as stamp duty and registration.
Flexible loan terms available
You can choose from flexible loan terms as short as one year in length and as long as seven with some lenders (depending on your eligibility and profile).
Same day pre-approvals
Through our fast online application process, we can help you get a pre-approval as soon as the same day, so you can shop around for your car with a peace of mind.Â
Diverse income accepted
You can include eligible earnings from full-time, part-time, casual or self-employed work (including certain Centrelink payments such as age and disability pensions and single parent payments).
Competitive interest rate for your credit profile
Although car loan interest rates are higher for those who have a patchy credit history, our vehicle finance consultants can still help you find the best rate for your individual situation.
Buy new or used, anywhere in Australia
Whether you’re looking for a brand-new car from a dealer or find one from a private seller, we can help you access finance, source the car through our dealer network and deliver it to your door.
No impact on your credit score
We run a soft check as a part of your bad credit car loan application, meaning your credit score won’t be affected during the process.
Discharged bankrupts accepted
We can also lend a hand to discharged bankrupts who are looking to take out a car loan and may not be able to access the financing they need through traditional sources.
Why more bad credit customers trust Savvy
Over a decade in the industry
With more than ten years under our belt working with Australians like you, we understand how to find the right deal.
Obligation free application
All our car loan applications are obligation-free, so you don’t have to worry if you aren’t ready to sign on the dotted line yet.
More than 40 trusted car financiers
We’re partnered and accredited with a variety of lenders across the country, including bad credit specialists.
How to apply for a bad credit car loan with Savvy
Fill out our online application form
Our car loan starts with an easy application form (which takes no more than ten minutes) to assess your profile and find the most suitable lenders for your individual situation.
Send through the required documents
We may require additional supporting documents to further process your application, such as bank statements, which you can submit via our online portal. You can also sign any relevant documents electronically.
Discuss your options with your consultant
Your personal consultant will call you within two hours of your application to discuss your car finance options. Once you’re happy with your choice, we can prepare your application for formal approval.
Sign your contract and drive away your new car
From there, you can expect to be formally approved within 24 hours. We'll organise settlement for you once you’ve signed off on the paperwork, after which you you’ll be able to drive away your new car!
Feefo's Trusted Service Award winner with over 4,000 satisfied customers
Savvy is rated 4.8 for customer satisfaction by 3257 customers.
Top tips to increase your chances of bad credit car loan 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, with a general minimum salary of around $26,000 (though this will vary depending on the lender you choose), and have a track record of remaining in employment, with several years in the same job always preferred. Your Savvy consultant can help you find the right bad credit car loan suitable to your borrowing power to increase your chances of approval.
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, with a couple of years living in the one place (either renting or purchased by you) generally preferred. However, if you’re living at home or boarding, you may not be required to have stayed in the same place for as long a period.
Loan amount
Not all cars can be 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, lenders won’t generally accept a $150,000 loan application for a bad credit customer, as higher loan amounts are deemed too great a risk for lenders to take on for someone in that position. Our consultants will work with you to find an amount which is most achievable for your situation.
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 they’ll want to see that paying off your loan won’t be too difficult for you to achieve alongside your current expenses. Also, if you can prove yourself to be relatively responsible with your money, such as by growing your savings, 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 potential problems 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. You can speak with your consultant about your situation and some of the ways you may be able to increase your credit score.
