Bad Credit Car Loans
Essendon Finance helps people with bad credit
We use our extensive experience in bad credit car loans to help you gain approval. You get a personalised consultant from start to finish.
Some of your bad credit car loan questions answered
Read through our knowledge base to find answers to all your common bad credit car loan questions
A bad credit car loan is an automotive finance product that caters for those who have bad credit histories or high credit risks. Lenders consider people who have defaulted on credit, are former bankrupts or parties to Part IX Debt Agreements as seen as high credit risks, which decreases their chances of car loan approval.
If lenders and car loan brokers have deemed you to have bad credit or as a high risk, you may still have access to car finance. Unfortunately, these interest rates are noticeably higher than the usual market rates on offer to those who are in a prime borrowing position.
Yes, if you have been discharged from a bankruptcy you can still get a car loan. Unfortunately, you must prepare yourself to pay a much higher interest rate than is usually advertised, sometimes higher. However, if you have not been discharged from your bankruptcy, you cannot get a car loan.
If you got a bad credit car loan and have been keeping up with repayments and obligations, you can look around to refinance your car loan with other lenders. You will need to prove you’re in a better financial position than before to a new lender. One other way is to trade in your current vehicle and pay out the bad credit car loan in full.
A Part IX Debt agreement is a formalised, legally-binding agreement between yourself and your creditors to pay back debts.
Yes, it is possible to get a bad credit car loan if you have unpaid defaults. You have to be prepared to pay above the usual market interest rate. Some companies, such as telecommunications providers, are quick to add defaults to your name. It’s up to you to check your credit history for errors. Correcting your history could save you a lot of money.
Yes – we can give you finance pre-approval so you know exactly how much you can spend on a car, and gain leverage over negotiating dealers.
Yes. However, you may run the risk of a higher interest rate due to the low residual value of your car. Ask your consultant for more details.
Yes, however we recommend you apply for a chattel mortgage or hire purchase. These are commercial finance packages designed specifically for business, and can save you on tax.
No – our consultants will help as much as possible to find a lender that will approve finance, even with defaults on your credit history. Of course, you must be prepared to accept higher than average interest rates.
Need a second chance car loan? We can help
Don’t let bad credit hold you back. Essendon Finance helps you drive away your own car sooner
Bad Credit is OK
Do you have a bad credit rating? Have you been rejected for car loans? You deserve a second chance! At Essendon Finance, our experienced bad credit car loan consultants can help you achieve your dream of owning a new or second hand car, even if you have bad credit.
Don’t despair! Our bad credit car loan consultants are experts at getting those tricky deals approved. We can also advise you on steps to take to improve your credit rating and have you on your way to owning your car in no time.
So if you think you deserve a second chance, Essendon Finance can help. Although a Bad Credit Car Loan solution is secured by the vehicle, the interest rates are usually higher due to the added risk, however we will help you get the best car loan deal with repayments which you can afford.
That’s our promise! If you have been rejected by traditional lenders, contact one of our experienced consultants and we will find a car loan to suit your needs from one of our reputable lenders.