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Bad Credit Car finance – Does it Exist?

January 16, 2020 9 minute read
Bad Credit Car finance – Does it Exist?

Get a car loan with bad credit

Are you searching for a car loan but are having trouble getting approved because of bad credit. Let’s be honest, unless you have good access to public transport, getting around can be very difficult without a car. Not only that but cars represent a sense of freedom, pleasure and practicality for a lot of people. At Jacaranda, we believe that a mistake you made up to 7 years ago shouldn’t necessarily affect the ability to own your own car.  If you need a car loan but are stuck googling ‘bad credit car finance’ and ‘car loans guaranteed approval’ then apply with Jacaranda Finance today!

About Us: Jacaranda Finance

At Jacaranda Finance, we are dedicated to providing everyday Aussies with fast, reliable and convenient car and personal loans. We are 100% online meaning you could submit an application for car finance with bad credit from the comfort of your own living room. it’s that easy!

We won’t just tell you what you want to hear or waste any of your time. Our team approach every application on a case by case basis to ensure every applicant is given a fair and reasonable go – bad credit and all. We believe in speedy and reliable service, that means that you could have an outcome in 60 minutes after you apply (if you apply during AEST business hours).

Jacaranda is proud to be a responsible lender. What does that mean? it means we will always do right by our customers. We won’t ever offer you a loan that we think you can’t comfortably afford to repay. Jacaranda wants to see you on the right track to financial freedom, not make you worse off. If you’ve got questions head over to our FAQ page or get in touch with the team. After all, we’re always here to help.

What does it mean to have bad credit? 

a credit rating or credit score refers to a value given on a scale usually between  0 and 1200. If your score is low, this is an indicator that you have bad credit. Your credit score is based on the information included in your credit report, which includes details or your history with credit. For example; unpaid debts, history of repayments, and credit enquiries. 

a good credit score is generally considered to be anywhere above 600. Typically, the better your credit score is, the more likely you are to get fiance. That isn’t always the case with Jacaranda Finance, however, you can apply for bad credit car finance even if your score isn’t great. We do our best to assist people with good credit, bad credit and no credit. So, don’t hesitate to complete an application and see what we can do for you.

Car loans Australia

Bad credit car finance with Jacaranda 

Jacaranda is ready to help! We are excited to now be able to offer our customers car loans. You can trust that we are ready to give you a fair go when it comes to finding the vehicle of your dreams. All it takes is just one application!

Better yet? You’ll be happy to know that we can offer car loans to people with bad credit anywhere between $8,000 to $35,000. We take a different approach to bad credit. We won’t solely base our assessment on the result of a credit score check. However, we cannot guarantee that every applicant with bad credit will be approved for a car loan with us, but we can guarantee you’ll be given a fair go when we assess your application. So whether you’re after a second-hand gem or a luxury set of wheels, we have you covered. 

It’s important to know that our bad credit car loans are secured. This means that if approved you can use the vehicle you are purchasing as a security. Not to worry though, as long as you keep up with your repayment schedule you won’t need to stress.

Can I get a car loan with very poor credit?

Gone are the days when applying for car loans with bad credit history meant a slim chance of approval. We come across so many cases like these, each day, where people come to us after getting repeated rejections on car loan applications. If you have faced something similar to this, then let us assure you that you will get a refined treatment and will always be given a fair and reasonable assessment.

At Jacaranda, we look at the whole picture rather than just your credit score. We examine your current income and relationship with money to assess if you are eligible for a car loan and can comfortably afford the loan repayments.  

It’s important to keep in mind that Jacaranda does not guarantee approval for any applicant with bad credit. What we can guarantee you is that you’ll be given a fair go. If in the case that your application is unsuccessful then we will tell you immediately meaning we don’t waste your time and you can move on to potentially explore other options. 

Can I get bad credit car finance if I’m on Centrelink?

Much like bad credit, we treat people who receive Centrelink fairly when they are applying for a loan. As mentioned in the eligibility requirements, you need to have had a regular income into a personal bank account for at least 3 months. 

So don’t count yourself out just yet! whether you’re on Centrelink, have bad credit or both, the Jacaranda team with do their very best to find you a suitable car loan option.

Who Is Eligible?

If think you’d like to submit an application with jacaranda for bad credit car finance, there is criteria you have to meet. these are:

  • Applicants must have an active mobile phone number and email address;
  • You must have internet banking set up;
  • All applicants must be over the age of 18;
  • You have had a regular income for the last 3-months into a personal bank account;
  • You must be able to prove you’re an Australian citizen or permanent resident.

Can I buy a used car with bad credit?

Yes, absolutely. It is always smart to save yourself from some costs, and the used car loans give you a similar opportunity. Whether a new or an old one, any car will provide you with a quick and hassle-free ride to your destination. So, why not find your perfect match in the new shiny models, when you can do the same in a pre-owned gem. 

At Jacaranda Finance, we follow the same procedure to provide you with the loan just like we follow for providing loans on new cars. So, there is no need to worry when applying for bad credit used car finance. The process is just as simple and hassle-free thanks to our 100% online application.

If you are looking for bad credit car finance then we can provide loans starting from $5,000 up to $35,000. And, to make things easier for you, we will give you an excellent flexible term for returning the money, which is usually from 13 to 24 years. Could it get any better? We doubt!

Ready to Apply? 

If you think you’re ready to get started on a car loan application we’ve provided a few simple steps to guide you through the process. It’s important to remember that Jacaranda Finance cannot guarantee bad credit car finance to anyone but we will certainly give you a fair go. Here are some of the stress-free steps you need to follow to complete the car loan application:

Submit your application 

If you know the amount you need to borrow, you can get started on your application by scrolling up to the top of this page to find our loan calculator. next select the desired amount you’d like to borrow and the repayment period and hit ‘Apply Now.’ 

You will then be taken to our 100% online application form which can only take you a couple of minutes to fill out. When you’re finished, hit submit, sit back, relax and let us do the hard work for you.

We assess your application

Once we’ve received your completed application form, our team will get to work assessing it for you. Typically we try to have the application assessed within 60 minutes (if you apply during AEST business hours). this can vary depending on the time of day you apply or if we request additional documents from you. Nothing to worry about however, we will have your application assessed as soon as we can!

Get Your cash 

Has your application has been approved? congratulations! From here our team will send over an agreement for you to review and sign. We recommend thoroughly reading over it to make yourself aware of any fees or charges for missed or late payments. 

Once you’ve reviewed and signed your agreement, send it straight back to us. If your bank allows instant banking (NPP enabled bank accounts) you should receive your cash in as little as 60 seconds. How good is that!

4 Ways to improve your credit score

If bad credit has hindered your chances of getting approved for finance, there are a number of easy things you can do to improve your credit score. As a Jacaranda guide we have noted some of these steps below. It’s unlikely implementing these steps will result in overnight success or a ‘quick fix,’ but stay consistent and committed and credit score will begin to improve. 

  1. Pay your bills on time: A lot of lenders, when assessing your loan application, want to see how reliably you pay your bills. Past payment performance is usually a good indicator of future performance. Paying late or settling old accounts will have a negative impact on your credit score. So, it’s important you keep on top of your payments. This is inclusive of all bills, not just credit card bills and outstanding loans, but also rent, utilities, phone bills etc. 
  2. Pay off your debt: Also referred to your credit utilization ratio, your level of debt is an important factor impacting your credit score. People with the best credit scores usually have the lowest credit utilization ratio. You can improve your credit utilization ratio and therefore your credit score by:
    • Paying off debt and keeping credit card balances low.
    • Becoming an authorized user on another person’s account (as long as they use credit responsibly).
  3. Don’t apply for too much credit: Applying for credit such as a loan will create a hard inquiry on your credit report. Too many hard inquiries can result in a dip in your credit score. Hard inquiries remain on your credit report for 2 years. 
  4. Dispute any inaccuracies on your credit report: You can access a free annual credit report from the following agencies: Illion, Experian and Equifax. Check for any inaccuracies. If you find any errors you need to dispute and correct these immediately.

Read more

For other car-related tips, check out our blog! We cover everything from car registration to the difference between pawning your car and using it as security.

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