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Steer Your Finances With Bad Credit Car Loans

August 9, 2018 14 minute read
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Daniel Wessels

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 you 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.

Jacaranda Finance is ready to help. We know a lender or two that are ready to help everyday Aussies find the lenders they need. So, apply in minutes and we’ll do our best to refer you to one of our lender-partners. Bad credit car loans could help put your bad credit troubles in the rearview mirror as you drive towards a stronger financial future in your brand new car. At Jacaranda Finance, 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 with our lender-finding service.

Can I get a car loan if I have bad credit?

Getting a car loan when you have bad credit can be a challenge for some people. Yet, there are some bad credit secured loans available that are regularly used by those who have been knocked back repeatedly by banks and other lenders due to their poor credit history, bankruptcy or part 9 debt agreements.

Although Jacaranda Finance doesn’t offer car loans directly, our trusted lender-partners are ready to give you a fair chance at finding your dream vehicle. Apply with us and we will take out the hassle of endless searching and applying by connecting you to the right lender – it just takes one application!

Better yet, our lender-partners offer bad credit car finance from anywhere between $8,000 to $100,000. So, 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 lender-partner’s bad credit car loans are secured. This means that you can 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, our lender-partner may 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!

How do I apply for a car loan?

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 2-7 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. When we get back to you with our referred lender that repayment amount may change. All costs are subject to individual lenders and their rates. 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 a few minutes. We’ll just ask some basic questions regarding your financial situation and employment status. Then we’ll do our best to match you to the right lender. 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.

How it Works

It may seem slightly too good to be true that you could score yourself a car loan even with bad credit. Well, we’re telling you it’s not. With our comprehensive lender-finding service, you can be paired with a lender that is ready to give every Aussie a fair go.

Instead of taking one look at your credit report and moving on to the next application, our lender-partners can dig deeper into your current financial situation. With the introduction of comprehensive credit reporting, other lenders are now able to look more closely at your financial behaviour since your bad credit score, rather than just seeing the score itself. This means they 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, they might be able to help you get away from it faster in a shiny new car!

bad credit car loans

We do just want to note that we are simply offering to help you find bad credit car loans with our lender-partners. 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.

What are the eligibility requirements for our lender-finding service?

Before we can pass your application on to one of our trusted partners, we do have a few boxes that you will have to tick before it can get referred to a lender for low credit car loans. Tick off these boxes before you apply:

  • 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! After all, our lender-partners can’t accurately assess your eligibility without taking a look at your current situation and it costs nothing for you to submit an application with Jacaranda Finance.

Do our lender-partners do car loans for Centrelink customers with bad credit?

As the 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, some of our lender-partners may still class that as income. As long as your payments are consistent and have been so for the last 3 months, we may be able to find you a lender that offers car loans for Centrelink customers with bad credit.

So, 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 doing our best to pair you with the right lender. This means that we will go above and beyond to try and help you find a lender for your current situation. If you are looking for car loans for Centrelink customers with bad credit, we will do our best to find you a good match.

Find out more about how it works.

Do our lender-partners do car loans for pensioners with bad credit?

Some of our lender-partners can offer car loans for pensioners with bad credit. When applying through Jacaranda Finance, you just need to meet our basic eligibility requirements for income evidence. This will enable our lender-partners to appropriately assess your application and ensure we get back to you promptly.

For applicants with a pension income, the same logic applies as if you were receiving Centrelink payments. As long as you can show you have received regular deposits into your bank account over the last 3 months, we can find you a suitable lender to supply a car loan.

Therefore, it doesn’t matter whether you’re a pensioner, receiving other Centrelink payments, a student or even self-employed. No matter what your situation is, we will save you the hassle and track down a lender that can help you get the financing you need.

Do our lender-partners offer no credit car loans?

We can never guarantee approval on a loan we have referred to one of our lender-partners. All of our applications are subject to a full assessment of the referred lender and their processes. Ultimately, offers may vary depending on the applicant’s individual circumstances.

Typically, with 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 the lender has done a full assessment of your application and confirmed your ability to repay the loan.

By going through Jacaranda Finance, you save yourself the hassle of searching for reputable lenders that can provide no credit car loans. Nevertheless, we do not have any say in the approval of your loan once it is referred to one of our partners for assessment.

How much does it cost to use our lender-funding service?

Absolutely nothing! If you apply through Jacaranda Finance we will not charge you any fees for our referral services. As the loan itself is carried out by one of our lender-partners, we have no say in the fees and charges associated with the loan they offer you.

However, you’re not locked into anything before you’ve signed the loan contract. So, if you want to know how much bad credit car loans cost, you can apply with us – for free – and once we have referred you to a lender you can review their rates.

In a nutshell, we will save you the time and stress of searching for a lender and if you decide they are not what you’re after, no worries at all!

100% Online Bad Credit Car Loan Applications

With Jacaranda Finance, you can apply online at anytime, anywhere. Whether you are making your daily commute to work on the bus, or chilling out on the couch at home – whatever you’re doing, our application is 100% online so you can apply whenever you like. It’s that simple. No more trips to the bank or endless conversations with finance managers – just one quick application and we’ll do our best to refer you a lender in no time.

Simple ways to finding the right car for you

Whether you’re about to buy your first car or you simply want to find a replacement for your current one, knowing where to begin and what to look for can be hard. You’ll essentially want to find a car that suits not just your budget, but your needs too. By doing your research, planning ahead, and strictly sticking to your budget, you’ll be able to meet your needs. Here are 5 simple ways that can help you find the right car for you:

    1. Your needs. Assess your needs and think about what makes a car ‘the one’ to you. Generally, finding the right car usually depends on who the buyer is and what they’re expecting out of that car and its features. Assess your needs by determining some of these factors:
      • Where will you primarily be driving the car?
      • How often will you be driving?
      • Will you be the primary driver?
      • How many passengers will you generally have?

      With those questions in mind, you should be able to understand your needs and have a clear idea of what you should be looking for. 

    2. Your budget. Even with the help of a loan, you’ll want to plan a clear budget ahead of time. How much you plan on borrowing can play a major role in your budget and future expenses. While a loan can help you purchase your dream luxury car, consider how much you’re borrowing and whether you’ll be able to make all repayments comfortably over the loan term. 
    3. Car Features. Now that you have an idea of your budget and needs, consider what features would meet both factors. After all, the car’s features will strongly contribute to your needs and budget. For instance, if you’ve got a family, consider the number and size of the seats. Additionally, think about whether the car’s fuel efficiency sits well with your budget? Other features such as a car’s storage space, where the car will be used, and additional features such as Bluetooth can help you narrow down your options to finding the right car for you.
    4. Test Drive. Even if you believe you’ve found the right car, nothing can solidify your choice until you’ve driven it. A test drive tends to be the last step in finding a car that’s right for you. While driving the car, check that you are able to change gears smoothly, brakes respond well, all lights work, etc.

    Factors to consider before buying a new car

    Purchasing a car is a big commitment that should be thought through thoroughly. Just like a loan, it’s best to compare prices offered at multiple dealerships, until you find one that fits your budget well. Keep in mind that when you start saving up for a car, you need to save up for more than your preferred car’s selling value. There are many other factors to include in your savings process. Here’s a list of factors you should consider before stepping into a dealership and purchasing your first car. 

    1. Car make and model. Every single car make and model will come with a different price tag. Before stepping into a dealership, think about your lifestyle, needs, and how often you’ll be driving the car. Different car’s makes and models will serve different purposes, and that’ll be one of the biggest factors to consider when buying a new vehicle. Do your research beforehand and go to the car dealership with a rough idea of what car make and model you prefer. 
    2. Budget. One of the biggest things to consider before buying a new car is your budget. Plan out a rough budget including your income, expenses, debt, bills, and think about how well a new vehicle would sit with your budget. Not only will you need to consider the selling price of the car, but you’ll also need to consider other costs such as fuel, registration, and insurance. While insurance and registration can be yearly costs, fuel is a cost that’s usually incurred fortnightly, depending on how often you’ll be driving the vehicle. 
    3. Insurance. You can’t legally drive a vehicle without being insured. So, insurance is one of the most important factors to consider before buying a car. Think about how often you’ll be driving the vehicle, how many people will be going behind the wheel of your new car, etc. Different types of car insurance come with different price tags, especially if you’re a driver under 25.
    4. Test drive. The test drive is one of the most important components of buying a vehicle. Now that you’ve found the perfect car, it’s time for a test drive. Even if a car’s price is affordable and ticked  all your boxes, you may not enjoy the drive. Make sure the inside of a car meets your preferences and not just the outside.

    Ready to see your bad credit in your rear-view 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 with our lender-finding services! And as your one-stop-shop for all things loans, we can even find you a suitable lender for 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!

    Get the lowdown no deposit car loans with Jacaranda Finance.

Daniel Wessels Avatar

Authoritative Source: Daniel Wessels

Young entrepreneur Daniel Wessels is the CEO and Founder of Jacaranda Finance. Although only in his early thirties, Wessels’ determination and adaptability has led him to successfully pioneer a range of other enterprises both here and abroad.

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Last updated: 13/05/2020, 3:57pm

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