Securing a car loan can be challenging, especially if your credit score is less than perfect. Many people think that having bad credit means they won’t be able to get financing for a vehicle, but that’s not entirely true.
In fact, car loans bad credit are available, and with the right approach, you can drive away in the vehicle you need.
Car loans bad credit are loans designed for individuals who have a low credit score or a poor credit history.
These loans typically come with higher interest rates than those offered to people with good credit because lenders view borrowers with bad credit as a higher risk.
However, they offer an opportunity for people with credit issues to finance a car and potentially improve their credit over time by making on-time payments.
Bad credit can happen for many reasons, including missed payments on bills, high credit card balances, or having a limited credit history.
If you’ve declared bankruptcy or had a foreclosure, this can also negatively impact your credit score.
Whatever the reason for your low score, it’s important to know that there are options for financing, like car loans bad credit, that can help you get back on track.
Using a Bad Credit Loan Broker
Another helpful option to consider when seeking car loans bad credit is working with a bad credit loan broker, like Zoom Car Loans.
At Zoom we specialise in connecting individuals with lenders who are willing to work with bad credit borrowers. We have access to a wide network of lenders and can help you find the best possible terms for your situation.
By using Zoom, you save time and effort as we do the heavy lifting of comparing loan options, negotiating on your behalf, and ensuring that you get a deal that fits your budget.
Additionally, we can offer valuable advice on improving your chances of approval and securing better loan terms.
Car loans bad credit can be a tool to help you rebuild your credit. By making regular, on-time payments, you can gradually improve your credit score, which will make it easier to qualify for better financing options in the future.
It’s also important to keep your other debts under control and avoid taking on more credit than you can handle.
While having bad credit may make it harder to get a loan, it doesn’t make it impossible. Car loans bad credit are designed to help individuals with less-than-perfect credit get the financing they need.
By utilising the services of a Bad Credit Loan Broker, like Zoom Car Loans, you can not only get the car you need but also improve your financial health over time. Get in touch today.
We have a highly streamlined pre-approval and settlement process.
Personalised terms and repayments to suit your budget and lifestyle.
Let us know your vehicle requirements and we will help with the search.
All Centrelink car loan applications are completely obligation free.
As all credit providers work on a basic principle of affordability, to be approved for a loan, applicants must meet a minimum income amount of $800 per fortnight (not including covid supplement).
This minimum amount can be solely from Centrelink payments or can include employment income as well.
This minimum amount has been put in place to protect the borrower. It’s the minimum amount that the lenders deem the borrower can comfortably make their loan repayments, while still being able to afford basic living expenses such as groceries, bills, rent, etc.
Although these measures tend to be very accurate, they do not take personal circumstances and habits into consideration.
You should always look at your own spending habits and budget to ensure you will be comfortable with any additional borrowing.
Here at Zoom, we are able to assist the large majority of Centrelink customers, however, please note that if you are solely receiving a New Start Allowance/Jobseeker, Youth Allowance, or Austudy, unfortunately these aren’t accepted income forms to qualify for a loan.
Our finance specialists work on your behalf to do everything possible to secure a loan for you, so be sure to contact us to speak further about your current circumstances if you’re unsure.
Zoom Car Loans are a team of finance brokers, who work on your behalf to find you the best deal possible. This means we do not have any set loan amount.
The amount you can borrow will be depend on which lender we are able to go through, based on your personal circumstances.
During the application process, your broker will ask you how much you are wanting to borrow. Your finance specialists will then work with our panel of lenders to secure an offer. To avoid disappointment of not getting a car you have your eyes on, we always encourage you to obtain a pre-approval for an amount you can afford and then look for a suitable vehicle within your approval limits. Zoom Car Loans finance packages allow for both dealer and private sale vehicles.
Before applying for a car loan, there a few things you can do to heighten your chances of gaining a quick approval offer. A key part of your application involves credit providers verifying your current financial situation. This is a requirement of the law, so to avoid any delays, we encourage you to check and prepare the following before applying:
Zoom Car Loans are able to assist the large majority of Centrelink customers however minimum income requirement of $800 a fortnight does apply.
Types of payments we consider are:
• Parenting payments (single & partnered)
• Disability
• Carers Payments
• Family Tax Benefit
• Aged Pension
Newstart Allowance: please note that if you are solely receiving a New Start Allowance (including $550 covid increase), Job Seeker, Youth Allowance, or Austudy, unfortunately these aren’t accepted income forms to qualify for a loan.
Our lenders have a minimum income requirement of $800/fortnight to apply (not including the $550 temporary increase).
As a team of highly experienced brokers, Zoom Car Loans know what it takes for the lenders to approve a Centrelink customer.
If you would like to read more about to get approved for a car loan when you are receiving Centrelink payments READ OUR BLOG POST here.
There are minimum requirements needed to qualify for their car loans. The best way to find out is to apply online for us to find out all details and do our best to get your driving away in a good car!
No deposit loans
Bad credit history
Centrelink payments
Ex-bankruptcy
First loan
Declined by the bank
I can’t express my gratitude enough to Rowan. He was so helpful very friendly and extremely professional with the process of getting a car loan for myself. I can’t thank him enough for all he did for me. Thanks Rowan
Tracey D
Very please with the work from Joshua an Katie .. they got my loan approved asap as a mum of 3 an needed a car asap… From start to finish they where fantastic an repayment are manageable… Thanks to zoom car loans for helping me within 10days an got out new family car this morning..
Much appreciation to the team
Misty H
Great service. Quick, friendly and professional! Highly recommend if you’re struggling elsewhere to get finance.
Jessica C
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