Helping you get an auto loan, even if you have bad credit.
At Car Loan World, we believe in second chances. We know there are all kinds of reasons why you could have bad credit. But, we don’t want them to stop you from getting an auto loan. Our expertly trained team are standing by to help you explore your options for auto financing, so you can get behind the wheel of your new vehicle as soon as possible.
About Bad Credit Auto Loans
When you have bad credit, it becomes harder to get approved for auto financing. Why? When you apply for an auto loan, your lender will check your credit score to assess your creditworthiness. If you have a high credit score, you should find it easy to get approved. Not only that, you will usually pay less in interest as a reward for your low risk status.
However, if your credit score is on the lower end of the scale, lenders will see you as a high risk applicant. In some cases, lenders refuse to lend to applicants with credit scores below a certain amount, while others charge higher rates of interest.
If your credit score is lower than you would like, you could work on improving your score a little before applying for an auto loan. Alternatively, if you need a loan today, there are some ways to improve your chances of getting approved and getting a better rate.
Firstly – and most importantly – use Car Loan World to compare your options with lenders who specialize in offering bad credit auto loans. You could also put down a larger down payment or get someone with good credit to co-sign your loan. Both of these actions help to reduce the risk on the loan for the lender, making it more likely your loan application gets approved, to then potentially enjoy a lower rate.
Fast Approvals
Want to know where you stand? You can, with instant approvals!
Access to a Range of Lenders
We do the hard work of comparing your options, so you don’t have to!
Choose your Down Payment
Opt for a larger down payment to make your loan more affordable.
Features and benefits
- Same day approvals, which means less waiting around
- Competitive rates, fixed for the life of the loan
- Flexible loan terms and repayment schedules
- Opt for a secured loan and use your vehicle as collateral
- Independent advice from a Personal Advisor
Apply for car loan
Find out more about bad credit loans from Car Loan World today. Even if you have bad credit, we could find a car loan to suit your needs. Apply now to get started.
Important Factors
to Keep in Mind
You can use your bad credit auto loan to improve your credit score by always making your repayment on time and in full. Avoid making your credit situation any worse by only applying for a loan that you know you can afford to pay back.
Whether you get approved for an auto loan – and the rate you end up paying – will be largely dependent on your credit score. Let’s look at some examples of what you could expect to pay according to your credit score.
If you apply for an auto loan for a new vehicle, you could expect to pay an average APR of 4.19% with a credit score between 781-850, 5.01% with a credit score between 661-780, 7.91% with a credit score between 601-660, and 12.17% with a credit score between 501-600.
If you apply for an auto loan for a used vehicle, you could expect to pay an average APR of 4.69% with a credit score between 781-850, 6.38% with a credit score between 661-780, 10.91% with a credit score between 601-660, and 16.78% with a credit score between 501-600.
Source: Experian State of the Automotive Finance Market Q4 2018.
You may not be able to get an auto loan if you are currently unemployed, or if you are currently bankrupt. Contact us today to find out whether your circumstances will allow you to apply for an auto loan via Car Loan World.
Minimum requirements for bad credit loans, We cannot accept borrowers who are:
Currently unemployed
On a pension
Claiming youth allowance