Steer Your Finances With Bad Credit Car Loans
What is a Car Loan?
There’s nothing like having the freedom to just hop in your car and start driving whenever you want to. Destination unknown. Sure, public transport can get your from point A to point B. However, having the ability to stop wherever you want along the way, sing as loud as you want and go at the speed you want to is unbeatable.
Unfortunately, not everyone has the luxury of owning their own freedom car no matter how badly they might want one. Limited finances, bad credit, restricting circumstances. Whatever the barrier is that is standing in the way of you and your open road, we are here to help you knock it down.
Our bad credit car loans are very likely the exact thing you need to put your bad credit troubles in the rearview mirror as you drive towards a stronger financial future in your brand new car. At Jacaranda Loans, we’re all about making sure the little guy is taken care of. That’s you. You, your information and your trust are always safe with us when applying for your bad credit car loans.
Getting a car loan when you have bad credit is a challenge for many people. They are bad credit secured loans that are regularly used by those who have been knocked back by banks and other lenders due to their poor credit history, bankruptcy or part 9 debt agreements.
At Jacaranda Loans, you can apply for bad credit car finance between $8,000 and $100,000. Therefore, whether you’re wanting to find a pre-loved gem just to get you from A to B or you’re after some luxury wheels to take you wherever you want to go, we have you covered.
All of our bad credit car loans are secured. This means that you will use the vehicle that you are buying as security for your loan. Therefore, if you stop making your loan repayments and default on your loan, we can repossess your car and sell it to recover the funds you owe. Don’t let this scare you, though. As long as you keep up with your minimum repayments, your car loan will be paid off in no time and you could be looking at a much more impressive credit score!
Applying is easy. Step one is to jump on our website. So, congratulations, you’ve already completed the first step without even meaning to. Told you it was easy! Now all you need to do is scroll up to the top of this page (when you’ve finished reading, of course) and use the loan calculator to get started with your application. Just use the slider to tell us how much you’re wanting to borrow between $8,000 and $100,000. Then, select your repayment period from 3-7 years. We’ll then tell you how much you can expect your bad credit car finance to cost. This is just so you have an idea before applying. If you’re happy, click Apply Now and we’ll take you to our online application form.
The application form is super easy to fill out and should only take about 5 minutes. We’ll just ask some basic questions regarding your financial situation and employment status. Then we’ll get to work assessing your application. If you get stuck on anything while filling out your application, feel free to give us a call on 1300 189 823. Otherwise, check out our FAQ page for all the answers you are looking for.
It may seem slightly too good to be true that you could score yourself a Jacaranda car loan even with bad credit. Well, we’re telling you it’s not. While we always conduct credit checks on every application, our process of assessment is slightly more lenient than that of banks and other traditional lenders.
Instead of taking one look at your credit report and moving on to the next application, we’ll always dig deeper into your current financial situation. We prefer to put more focus on your income and spending habits as well as your overall relationship with money. If we can see that you’ve been making a conscious effort to improve your credit by making responsible financial decisions, you could be one step closer to a car loan bad credit history and all.
With the introduction of comprehensive credit reporting, we’re now able to look more closely at your financial behaviour since your bad credit score, rather than just seeing the score itself. We can look at how you’ve been handling your money over a certain period of time. Therefore, if you have been proactive about putting your bad credit behind you, we might be able to help you get away from it faster in a shiny new car!
We do just want to note that we are simply offering bad credit car loans. If you are after bad credit car dealerships, unfortunately, that’s a little out of our knowledge base. However, once you’ve found the bad credit car dealerships that have your dream car, we’ll be here to help you with the finance.
Being the responsible lender that we are, we do have a few boxes that our clients have to tick before they can get approved for low credit car loans. These boxes state that you must be:
- Over the age of 18
- An Australian citizen or permanent resident
- Receiving a regular income for the last 90 days
- Able to provide a valid mobile number and email address
If you think you can tick all four of these boxes, go ahead and apply for one of our car loans. After all, we can’t accurately assess your eligibility without taking a look at your current situation. And the only way for us to do that is if you submit an application.
As our eligibility requirements state, you need to be receiving a regular income into a personal bank account for the last 3 months. This does not necessarily have to come from worker wages. If you are receiving Centrelink payments, we still class that as income. As long as your payments are consistent and have been so for the last 3 months, you may be able to secure yourself car loans for Centrelink customers with bad credit.
We’ll just need to take a look at your Centrelink Income Statement to verify the nature of your payments. As well as their consistency before we can approve you for a loan. However, if you do have bad credit and you are receiving Centrelink, don’t count yourself out just yet. Like we said, we’re all about the little guy. This means that we will go above and beyond to try and help you in your current situation. If you are looking for car loans for Centrelink customers with bad credit, we will do everything we can to help you help you in any way we can.
Find out more about how it works.
Our car loans for pensioners with bad credit work the same as our Centrelink car loans. You just need to meet our basic eligibility requirements when applying. We don’t discriminate against anyone. Therefore, it doesn’t matter whether you’re a pensioner, receiving other Centrelink payments, are a student or even if you’re self-employed. No matter what your situation is, we will always give you a fair go.
If it does happen that we are not able to approve your application, don’t panic. The only reason we ever decline an application is if, you are not able to comfortably repay your loan. We understand that getting knocked back from loans can be extremely frustrating. However, we never want to put you in an even tighter financial situation than you were in before applying. If your budget doesn’t have room for car loan repayments, consider yourself lucky that you have someone like us in your corner, protecting you from even more financial hardship.
However, if you are after car loans for pensioners with bad credit, go ahead and apply. We will give your application a fair, accurate and thorough assessment. Then we’ll determine if one of our bad credit car loans will help or hinder your situation.
As we follow responsible lending obligations, we can never guarantee approval on any of our loans. All of our applications are subject to a full assessment. Offers will vary depending on the applicant’s individual circumstances. We will only approve customers who we deem able to repay their loan without any difficulty. We will also only approve customers for the maximum amount they are able to comfortably repay. This may mean that you are approved for a lesser amount than what you applied for. However, less is always better than nothing.
Typically, with our bad credit car loans, you will be approved for the amount that the vehicle you are buying is worth. No credit car loans with guaranteed approval are only on the table once we have done a full assessment of your application and confirmed your ability to repay the loan.
If you do come across a lender that offers no credit car loans with guaranteed approval, it is likely that the loan will come with eye-watering interest rates. Even worse than that, the “loan” might be hiding a scam
We pride ourselves on always being 100% transparent. Especially when it comes to the fees and charges associated with our loans. When it comes to our bad credit car loans, we typically offer our clients an annual interest rate of 5% with a comparison rate of 6.5%. However, your interest rate is always subject to assessment and will reflect your individual circumstances.
If you are wanting to know exactly how much your loan will cost, go ahead and apply! You’re not locked into anything before you’ve signed the loan contract. Therefore, if you apply and then decide it’s not what you’re after, no worries at all!
Ready to see your bad credit in your rearview mirror?
What are you waiting for? It’s time to let your hair down and let it flow out the window of your new car. Whether you’re after new or used car loans, or even caravan loans, we have you covered! And as we are your one-stop-shop for all things loans, we’ll even go as far as to offer you a car registration loan, car repair loans and even insurance excess loans for those little mishaps you might have along the way.
Can you hear the open road calling your name? Apply now for your bad credit car loans and we’ll get you there in no time!
Small Personal Loan
Up to 20% Establishment Fee
+ monthly fee up to 4%
Jacaranda Finance does not charge an annual interest rate on SACC loans. These small amount loans incur 'fees' instead of interest. The maximum comparison rate on our loans between $300 and $2000 is 199.43%.WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate
Loan Amount of $1,000 over 6 months repayable weekly (25 weekly repayments). $1,000 (Principal Amount) + $200 (20% Establishment Fee) + $240 (fees based on 4% per month over 25 weeks) = $1,440 total repayable in 25 weekly installments of $57.60.
Loan Amount of $1,000 over 12 months repayable weekly (50 weekly repayments). $1,000 (Principal Amount) + $200 (20% Establishment Fee) + $480 (fees based on 4% per month over 50 weeks) = $1,680 total repayable in 50 weekly installments of $33.60.
Medium Personal Loan
Annual Percentage Rate (APR) starts at 12%
Comparison Rate is 20.56% per annum.
This comparison rate is based on a medium amount credit contract of $2,500 repaid over 2 years with a $400 establishment fee and APR of 48%.WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate
Loan Amount of $3,000 over 18 months repayable weekly (78 weekly repayments). $3,000 (Principle Amount) + $400 (Establishment Fee) + $555.83 (reducing interest*) = $3955.83 total repayable over 18 months with weekly installments of $50.71.
Loan Amount of $4,500 over 24 months repayable weekly (104 weekly repayments). $4,500 (Principle Amount) + $400 (Establishment Fee) + $1081.85 (reducing interest*) = $5981.85 total repayable over 24 months with weekly installments of $57.51
Large Personal Loan
Annual Percentage Rate (APR) is 12%
Comparison rate is 19.88% per annum.
Loan Amount of $5,000 over 18 months repayable weekly (78 weekly repayments). $5,000 (Principle Amount) + $1831.16 (Interest) = $6831.16 total repayable over 18 months with weekly installments of $87.57.
Loan Amount of $10,000 over 24 months repayable weekly (104 weekly repayments). $10,000 (Principle Amount) + $5041.72 (Interest) = $15041.72 total repayable over 24 months with weekly installments of $144.63.