Bad Credit Car Loans

Follow our step-by-step guide to getting a car loan with bad credit

Looking for a car loan but have bad credit?

Follow our step-by-step guide to help improve your chances of securing a great car loan if you have bad credit.

Many people with a bad credit history think there isn’t a way they can get a car loan. While a bad credit history can make it harder it doesn’t necessarily mean you cannot get a car loan.

The reason you may be able to get a car loan with a bad credit history is because a car loan is actually a secured loan and there is less risk for the lender. This doesn’t mean it’s easy, but when a lender has some security over a loan they are more likely to approve it.

With that background we have developed a step-by-step guide to getting a car loan with bad credit. Follow these steps carefully and you could find yourself in your dream wheels fast!


Step 1: Get your car loan pre-approved first

Getting your car loan approved BEFORE you commit to purchasing your vehicle can give you a lot of benefits like:

Locking in your interest rate

Getting a car loan pre-approved will lock in the interest rate for a period of time. This can give you some more certainty if rates are moving.

Knowing how much you can spend

It’s not a great feeling agreeing to purchase a vehicle and then finding you can’t get a loan for the amount you need. That’s why it’s best to get your car loan pre-approved. This will give you the confidence of knowing what your budget is and what you can afford.

Being able to immediately commit

When you find that dream set of wheels you may want to quickly make an offer and seal the deal. If you have your car loan pre-approved you’ll be able to negotiate with confidence knowing your finances are sorted.

Fast settlement

Once you have agreed to purchase your new vehicle having a pre-approved loan will allow you transfer the money and driveaway faster than if you were starting to look for a loan from scratch.

There are some things to be aware of with pre-approved loans. Firstly, the pre-approval is usually valid for a limited time (up to 90 days generally). Secondly, some lenders may not offer pre-approval so it might reduce your options.


Step 2: Workout your lender options

Now that you’ve decided to get pre-approved you need to scan the market for lenders, check what rates they are offering and workout what repayments you can afford.

Now checking the market can be a lot of work. We can make this really easy for you. If you complete our online application we will review your situation and check which lenders might consider your application. We have a panel of over 20 lenders and have a great deal of knowledge on which lenders are suitable for your situation at an affordable interest rate.  

Important point: we do NOT do upfront credit checks when we search for a lender (we do a soft check that does not impact your credit score). This helps protect your credit rating while we find a lender to fund your car.

Follow these steps and you’ll give yourself a better chance of finding the right loan for the right car. Our car loan application only takes minutes and you’ll get feedback fast.  

Frequently Asked Questions

The key is to check with multiple lenders to see what they have to offer. Not all lenders offer bad credit car loans and rates can vary widely. We have a panel of over 20 lenders and have a great deal of knowledge on which lenders are suitable for your situation at an affordable interest rate. We can do all the hard work for you without hurting your credit rating as we do not do upfront credit checks. Our online application is fast and hassle free and we can give you immediate feedback on your options.

Yes, it is possible to get a car loan with bad credit because these loans are secured against the car which reduces the risk for the lender. The car loan however may be more expensive. The key is to check with multiple lenders to see what they have to offer and what you can afford. We can do all of this for you without hurting your credit rating as we do not do upfront credit checks. Our online application is fast and hassle free and we can give you immediate feedback on your options.

Bad credit car loans are for people with a bad credit history. Not all lenders do car loans for people with bad credit. This is why it’s best to check with us to see what your options might be. We can give you guidance as to your chances of securing a car loan. All while protecting your credit rating as we don’t do upfront credit checks (we do what’s called a ‘soft pull’ of your credit file to ensure you are protected).

The good news is that there are lenders who work with clients looking for a car loan with bad credit. Importantly, these lenders often change their lending criteria so it’s important to work with a broker who can help place you with a lender who is more likely to fund your dream car purchase. Please complete our online car loan application and we will check our panel of over 20 lenders to see who can help with your situation.

This is really important as you don’t want to get a loan with a lender that charges high fees and has high exit costs. We only deal with reputable lenders so we can ensure you avoid any of these potential potholes. Also, make sure the lender or broker you use has high Google ratings (we happen to have a 4.9 out of 5 Google rating!).

We take a broader view of your application than just your credit score. We do this by reviewing your overall credit profile to get a clearer picture of your financial position. We do this without performing an upfront credit check (we do a soft check that does not impact your credit score). Importantly, we also provide credit feedback if we cannot assist you with a loan right now. 

At nmoni we do not perform upfront credit checks. This means that we can review your application and give you a guide as to whether a lender will give you a loan before a credit check is completed. Our process reduces the number of credit checks required and therefore helps you avoid hurting your credit score. Start the process today by completing our fast application.

Secured loans are amongst the easiest loans to get. That's where you put up something of value in exchange for funding. Car, boat and caravan loans are types of secured loans and means the lender has some security over the loan.

We can review your situation and provide feedback on why you are being declined without hurting your credit score. Apply now and we'll provide you valuable feedback.

At nmoni we review your situation and only apply for loans with lenders we believe will approve your application and provide the right rate. This will reduce the impact on your credit score while also saving you a lot of time and hassle.

Your credit score is calculated by credit reporting agencies based on your personal and financial information. Here are some factors that can impact your credit score:

  • the number of credit applications you’ve made
  • the amount of money you have borrowed
  • have you paid your loans or bills on time?

Credit reporting agencies calculate a score between 0 and 1,000 or 1,200. The higher the score the better your chances of not only getting your loan approved, but getting a lower rate.

The higher your credit score the better your chance of getting a loan and the better chance you have of getting a lower interest rate. This is because if you have a really good credit score you are a lower risk to a lender and therefore are a good chance of paying back the loan. Conversely, if you have a lower credit score a lender may classify you as having higher risk and therefore charge a higher interest rate.

In addition to your credit score, other factors like overall banking conduct (such as dishonours and payday loans) can also impact the interest rate you are offered. 

There are lenders we work with that specialise in clients with lower credit scores. The best way to find out is to complete our online application and we’ll put our technology and/or one of our credit analysts to work to review your file and provide feedback. We can provide valuable information on your options without affecting your credit rating.

real customer reviews


4.9 Google rating
based on 500+ reviews

After searching for a car loan I found nmoni. They are very helpful… keep you up to date at the progress of your loan. And made settlement a breeze. Thank you Chris and Michelle you are both amazing.

Jodie Bayliss

Outstanding service. Above and beyond and service you just can’t get from a big bank or finance company.The team at nmoni have been incredibly helpful in assisting me with obtaining business finance for my new vehicle. Every step of the process they have been super responsive and highly efficient. I would highly recommend their service!

Ben Duncan

I just want to say thank you to Chris from NMONI for helping me get my car finance.

Highly recommended bunch! As they go above and beyond to help you achieve the best possible outcome. They are very prompt with communicating and provide excellent customer service.

Kevin Reyes

Omg with my credit rating I thought I’d never get credit again but these guys gave me the chance and now my credit rating is rising these guys work magic

Josh Carson

Nmoni is such a great lending company, Christina is the best of best broker, person and very understanding. Great customer service and very helpful any time, she actually answers the phone unlike other company employers who do not care. She Actually cares and Christina does everything in her power to help and solve your issues. Thank you Nmoni and thank you Christina.

Mirjana Markovic

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How we find great rates

1. Complete our online application

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2. We search for the best lenders

We go to work to find the best deal for your situation from a panel of over 35 lenders.

3. Choose your loan

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4. We send you the money!

Review and sign the loan documents and we transfer the money within 24 hours.

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