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Compare Bad credit car loans ( Rates from 12% pa.)

Self Employed Bad Credit Car Loans  (For Consumer car loans, read further down).

If your self employed with bad credit and no financials, you have come to the right website.

What do you need to get approved;


- Drivers licence

- A valid reason to use the car for business use.

- We accept Unpaid or Paid defaults.   For unpaid defaults, give us a call to let you know how we get around this issue.

Call 1800 88 LOAN, that's 1800 88 5626 to talk to someone and get a quote  over the phone in 2 minutes.

Since October 2014, we have a 100% success rate on applications we endorse and lodge to one of our funders.

Just check out this deal we settled for a new ABN holder with $18,000 worth of unpaid defaults

  Case study

Consumer Car Loans

Getting a car loan with bad credit history is not a big problem any more. We compare your loan options and quote you the best possible rate available for you from one of the lenders on our panel of Bad Credit Car Loan lenders.  Depending on the age of the vehicles, level of credit impairments and credit score the interest rate starts from 12% P.A to 48% P.A.


In special cases we can arrange Interest Rates as low as 7.85% for a loan up to 5 years term (Max 1 default).

  • We can help arrange a credit repair service to remove unwanted defaults from your credit file to get a better interest rate for your car loan. Please check car loan page to compare car loan interest rates for clean credit car loans.
  • Paid defaults, unpaid defaults with payment arrangement, discharged from bankruptcy or part 9 agreement paid judgments, everything considered by our lenders on a case by case basis.  
  • For new vehicles not older than 4 years we can arrange better rate for the loan through a car leasing solution.  The interest rates are as low as 7.85% for 5 years term if purchase price is more than $18,000.  You will also have the choice to minimise your repayments by having a final payment equal to up to 30% of the original loan amount.  This is called a balloon or residual payment.  Rates are approximately 9.35% PA if loan amount is $10,000-$18,000.
  • Some of our lenders will loan up to 120% of the car value to assist you cover other expenses that are related to the transaction (e.g. Interest, Registration, Stamp Duty, other approved uses), interest rates start from 12% P.A.
  • If you are buying a car from a private seller and you have major credit impairment issues, this problem could result in you having to pay up to 48% p.a. for the loan.

Documentation Requirements (Supporting Documents) for Bad Credit Car loans:

  • You must first of all understand that Car Loans for Bad Credit clients require more paperwork than good credit clients.  See below for typical list of documents required.  Clients who settle a loan with us and provide all of the documents at the same time will be elligible to receive a $100 Fuel Voucher as a thankyou for being organised and making our job easier.  Those who provide 1 document here and there over a several day period will not be elligible for this cashback, since we loose lots of time stop and starting work on your file.

Approval Process for Bad Credit Car Loans:

  • 1) Fill out the "Apply Online Form" on this website and we will call you within 2 hours in most cases, or you may call us on the 1800 88 LOAN (5626) number from 7am to 10pm (7 days per week).  No Credit Check is undertaken by the lender or us at this stage.
  • 2) You will receive an automatic reply email confirming that we received your application
  • 3) Reply to the email that you received in Step 2 and attach all the documents listed on this page.
  • 4) We will undertake a pre-assessment (Credit History, Capacity Calculations, review collateral offerred and supporting documents supplied by you)
  • 5) Once we are fairly confident of an approval, we will issue you with a credit quote detailing the key terms of the loan you would like to apply for in writting to ensure there is no misunderstanding between yourself and us.
  • 6) Client signs credit quote
  • 7) We prepare application and obtain your signature
  • 8) Application is lodged to the lender
  • 9) Lender issues a decline or a conditional approval letter which needs to be signed and returned to lender (we have 90% + approval rate, since we undertake the assessment first and we are very familiar with lenders credit requirements.
  • 10) Lender undertakes a credit check at this point and also provides formal approval and prepares loan contracts once any outstanding conditions have been satisfied
  • 11) Client signs loan contract and our Invoice so we can receive a Brokerage fee from the lender
  • 12) Loan proceeds are disbursed to car owner (Private or Dealer)


Time frame for approval and settlement (3 Days to 7 business Days)


Please allow between 3 business days to 7 business days to have your loan approved and settled.  The more organised you are, the quicker we can have your Bad Credit Car loan approved. 

WARNING:  Once application is lodged, please be patient.  If we pressure lender to rush approval you will find the loan will be more likely to be declined.  For difficult Bad Credit loan applications, lenders need time to fully consider the merits of the application. 


Deposit Required for a Bad Credit Car Loan

The amount of deposit required in order to buy a car with a Bad Credit Car Loan depends on many factors such as;


1) When the default was put on your credit file?

2) When the Default was paid in full?

3) The amount of the default?

4) How much you are paying for the car compared to what the lender believes the car is worth (Quite often, people pay too much for cars, therefore you will need a larger deposit).

5) Age of the vehicle (vehicles older than 5 Years will have a reduced LVR)


In general, we can arrange Bad Credit Car Loans for an amount between 70% and 120% of the car value as determined by the lender, therefore you will require between 30% deposit to No deposit, depending mainly on the above factors.


Repayment of the loan are via a payroll deduction in most cases

The regular bad Credit Car loan repayments are deducted from your wages as a payroll deduction.  i.e. Your employer makes the repayments from your pay / wages.  Example:  If you normally receive $900 per week in net wages and the loan repayments are $80 per week, your employer will make the $80 per week to the lender, then transfer the balance of $820 to your account.  This method gives the lender greater confidence to give bad credit clients a second chance.



bad credit car loan policy
bad credit car loans

*  Client will have to provide proof of income and minimum of 3 months bank statements to show salary credit.

*  Client will have to confirm good payment history on existing liabilities like home loans, personal loans.
*  Under some product offers client will have to demonstrate adequate saving pattern on the past 3 months bank statements or any other saving account. We can assist the client to get some flexibility based on other financial situation.
*  100 point ID , contract of sale from legitimate dealer are usual requirements by the lender.
For private purchases, lender will deposit funds to the sellers account.  This will require ID verification of seller and onsite valuation / inpection of the vehicle.  If money is still owing on the car, the outgoing (current) lender will be paid loan proceeds with any surplus to be paid to seller.