Bad Credit Car Loans up to $75,000

A bad credit car loan is similar to any other car loan, however, due to the increased risk to the lender, the interest and repayment rates may be higher. With Capital Finance, we like to give people with bad credit history a second chance¹. We will take your circumstances into consideration and ensure repayments are affordable to you. As a responsible lender, Capital Finance is committed to making sure we only approve car finance if you, the customer, can afford to pay it back based on your financial circumstances.

Bad credit car loans come with advantages and disadvantages for borrowers, just like any other financial product.

Advantages

• Better chance of getting your loan approved
• Manageable weekly, fortnightly or monthly repayments
• Flexible repayment terms, built around your circumstances
• Chance to repair and rebuild your credit rating
• Bad credit lenders can be more understanding if you have difficulty with your repayments

Disadvantages

• The amount you could borrow may be lower
• You will usually have a higher interest rate
• Security may be required for larger loans

Bad credit car loans are always a trade-off since you are paying a higher interest rate to offset the risk to lenders represented by your poor credit history. At Capital Finance, we seek to give borrowers like you an affordable, fair and realistic option that allows you to buy a car despite having a bad credit history¹.

No, it isn't required¹. However, if you have saved up a deposit, this will be an advantage and allow you to buy a car that's a higher value.

At Capital Finance, we will give you a fair go¹, so it may be easier than you think to get approved for a bad credit car loan. Your bank and other car loan brokers may regard bad credit history as too much of a risk and will often reject your loan application without considering every factor. We will look at your individual financial situation when reviewing your loan application and will do our best to make sure that your repayments are reasonable and affordable to you. In some cases, we may offer same day approvals.

Capital Finance is a responsible lender regulated by ASIC. Our Australian Credit Licence Number is 389067.

To look at your official credit history, you need to perform your own credit check. There are several online providers that can provide you with a free credit check, but the process usually requires you to verify your identity and provide some personal information before it generates your credit score. Keep in mind that performing a credit check too often can harm your credit rating.

Depending on the credit reporting agency that's calculating your credit score, the number will typically range from 0 to 1,000. Most credit agencies consider a score below the mid 500's to be "below average", which reflects a bad credit history.

Also see the bad credit loans page for personal loans up to $30,000.

Yes, we do. Capital Finance is not affiliated with, or endorsed by, Services Australia. However, we do offer loans to customers receiving such payments. The amount you may be able to borrow will be adjusted based on your overall income¹. Your income can be from earnings, Centrelink benefits, or both. Capital Finance specialises in customers who may have experienced bad credit and are potentially receiving Centrelink payments^*. Don't assume you won't get approved - Capital Finance will work with you to make sure your car loan is suitable and affordable for your circumstances.

No, not all car loan applications are subjected to a credit check. We will run a credit check before your car loan is funded once your application has passed our initial checks. Based on the loan amount you request, an enquiry may be noted in your credit report.

Yes, you could¹. The score in your credit report is not the primary factor we look at when reviewing a car loan application. Unlike other lenders, we look into your unique circumstances, the affordability of the car loan, and also the loan purpose when we make our lending decision - even with bad credit.

Yes, you could. Capital Finance understands that sometimes unexpected expenses or periods of financial difficulty can crop up. For example, a credit card repayment could be missed in error, by simply forgetting or paying the wrong entity by mistake. If you are back on track and willing to commit to making your payments, then Capital Finance will be happy to review your application. We'll work to make sure that the fixed repayments on your new loan are reasonable and affordable to you.

Not necessarily. Your current financial situation will play an important part in the amount you could borrow from us. Capital Finance has a great deal of experience lending to borrowers who have experienced bad credit. We will sometimes extend the term of your loan, so your weekly repayments are more affordable.

At Capital Finance, we believe people who have had bad credit problems deserve a second chance. As such, our application process is designed to provide fast, fair, and flexible car loans based on whether our customers can actually afford them, not solely on the outcome of a credit check.

No, you can get approved for a bad credit car loan with Capital Finance as long as you meet our eligibility criteria and have sufficient earnings to pay back the loan amount¹. At Capital Finance, we offer bad credit loans to give people who happen to have a bad credit history a fair go. We don't believe a poor credit rating should prohibit you from accessing a car loan if you can afford it.

Still, repairing your credit score is something you should strive towards. When your credit score improves, you'll be able to access higher amounts of finance with lower interest rates. Paying back a car loan with Capital Finance could help improve your chances of getting a new loan with us, and sometimes at a better rate, by demonstrating good financial management.

See more tips for bad credit loan approval.

Sorry, we are unable to assist anyone who is currently bankrupt or in a Part IX debt agreement.

Yes, you can. We finance all sorts of vehicles from cars, to bikes, to campervans, and boats. If the vehicle you're after is not listed in the loan purpose when you apply, just select 'Secured Loan' and our staff will get more details from you later when they call you back.

Yes, apart from car loans Capital Finance offers personal loans up to $30,000 and will consider applicants who have had a bad credit history.

With Capital Finance, the application process is quick and simple, so the information you need to complete your loan application should be easily on hand. You'll need to confirm your contact details, address, employment details and regular expenses. Optionally, you can confirm your driving licence, which will help speed up your application. After that, due to responsible lending concerns, we require 90 days of bank statements which can be given securely online in a few minutes.

After you supply the necessary information, our quick approval process will determine if you are eligible for a bad credit car loan.

Yes, of course. Capital Finance has no hidden fees or charges, and you won't be charged any additional fees if you want to pay back the full amount of your car loan early.

At Capital Finance, we realise that unexpected events and expenses can catch you by surprise and make it impossible to repay on time. If you encounter difficulty that prevents you from making your car loan repayments, please contact our team on 1300 014 870, email us at customercare@Capital Finance.com.au, or fill out the Member Support contact form.

At Capital Finance, we take a fair, flexible, and real-world approach to help borrowers manage their payments. We will take your needs into consideration and work out a fair arrangement that allows you to get back on track.