Bad Credit Car Loans
We could help you with a bad credit car loan. Get your second chance car loan with the help of Rapid Finance.
Getting a car loan without a deposit is easier than you think - even if you are self-employed, getting Centrelink benefits or have a bad credit history - with the help of Rapid Finance!
A no deposit car loan allows you to borrow the full amount required to purchase a car (or other vehicle) without having to provide an upfront deposit. In other words, it's possible to get into that new car without needing to wait and save up a deposit.
Rapid Finance could help you find the right car loan with the best rates and terms suited to your situation. If you have bad credit, it is still possible to get a car loan with the help of our friendly team.
Purchasing a car can be a significant financial decision, and everyone's financial situation is unique. For many, the challenge is the initial deposit, especially when juggling other financial commitments or when credit scores aren't perfect. No deposit car finance allows borrowers to hit the road faster.
There are numerous reasons someone might choose a no deposit car loan:
While no deposit finance has its merits, there's undeniable value in saving for a significant deposit if circumstances allow:
Whether you're looking at a no deposit car loan because of an immediate need, bad credit, or simply for financial flexibility, it's an option worth considering. Rapid Finance is here to help. We specialise in assisting a range of people get their car finance applications approved with affordable terms and repayments that suit their needs.
Learn your chances of loan success with a free Rapid Finance credit check. It’s fast and easy, and it won’t affect your credit rating. Request your score today – it only takes a few minutes!
We could help you with a bad credit car loan. Get your second chance car loan with the help of Rapid Finance.
Getting your vehicle loan application approved without paying a deposit is dependent on Loan to Value Ratio (LVR) & other considerations.
Read moreTo secure a no deposit car loan, you'll need to show your financial stability. You can do this in a range of ways.
Read moreA no deposit car loan means you can borrow the full amount required for your new car without needing to provide any upfront deposit. It's designed to make car ownership more accessible, especially for those who might not have immediate funds for a deposit and need a vehicle right away.
One of the main benefits is the ability to get into your dream car without having to wait and save. Plus, at Rapid Finance, we pride ourselves on our tailored services, ensuring that your loan suits your personal situation and that your repayments are affordable.
We cater to a wide range of financial backgrounds at Rapid Finance. Even if you're self-employed, work part-time, or receiving specific Centrelink payments like Family Tax Benefits or Disability Pension, you may still be eligible. We have over 20 years experience assisting people with bad credit, get their car finance applications approved. While approval is not guaranteed, it's all about understanding your unique situation and finding a solution that works for you.
Yes, at Rapid Finance, we could help you with no deposit car loans for both new and used vehicles. Depending on the amount you wish to borrow, may affect your loan options, due to the affordability of the repayments. New car loans generally run for around 5 to 7 years, while used cars can run from 2 years to 7 years - making the repayments lower and more affordable, in general.
While a deposit isn't necessary for our no deposit car loans, providing one might reduce the total amount you borrow, potentially leading to smaller monthly repayments or a shorter loan term. A larger deposit with also allow you to consider potentially better vehicles.
Yes, in many cases it is possible to borrow more than 100% of the vehicle's cost, due to other fees, such as the loan establishment fee, registration and transfer fees, insurance, stamp duty, extended warranties etc... We'd encourage you to complete our "Free Financial Assessment" form or chat with one of our dedicated finance professionals to discuss your needs and options.
Typically, the car itself acts as the collateral or security for the vehicle, so no additional security is required.
Yes, you could! Rapid Finance has a large lending panel, including specialist lenders who provide loans for people with bad credit. We strive to find a rate and loan terms that fit your situation, even if you've had credit challenges in the past.
While most car finance providers do not require a deposit, it is a little harder to get a bad credit car loan with no deposit.
We have over two decades of experience and work with a panel of specialist lenders who will consider applications from people with bad credit, receiving Centrelink benefits, self-employed or have non-standard situations or income sources.
When you apply through a broker, such as Rapid Finance, for a no credit check car loan. We may view your credit file, without running a 'hard' credit check on it. This allows us to review your financial situation better, before we submit a final application to a lender, on your behalf. Only when you meet their approval criteria and the loan is suitable for you. While we cannot guarantee approval with the lender, we can generally minimise the number of credit checks to only one.
Taking out any loan, whether with or without a deposit, could have an impact on your credit score. Making timely repayments could positively affect your score, while missed payments may have the opposite effect. Remember, we also offer a free credit check report with no mark on your credit file to help you understand your credit standing.
LVR refers to the amount you're borrowing represented as a percentage of the car's value. For instance, 100% LVR means you're borrowing the entire value of the car with no deposit.