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Get back on the road with a bad credit car loan.
Explore our range of bad credit car loans for Melbourne drivers and find the finance you need to get back behind the wheel.
Car finance made easy, so you can focus on the fun stuff. Here's how to apply.
Get the car loan you need, when you need it. With a stress-free application process, getting a bad credit car loan in Melbourne has never been so simple.
- 01.Submit your pre-approval online
Apply online in just 5-10 minutes. We enable simple access to your banking portal for easy retrieval of your statements.
- 02.We’ll take a look and get in touch
After reviewing your car loan application, we'll reach out via phone or email with next steps to clarify how much you could borrow.
- 03.Pick your new car
Either new or used, from a dealership or via a private sale — tell us what car you are interested in buying, and we can provide you with a quick assessment.
- 04.Drive away
If all goes smoothly, you could be driving away in your next car in 24 to 48 hours.
1. Subject to verification, suitability and affordability
Find competitive car finance for every driver.
100% online
With easy bank statement retrieval of your documents, you can apply online in just 5-10 minutes.
Get up to $75,000
We'll match you with a suitable bad credit car loan and calculate your weekly repayments to work best for you.
Drive away in 48 hrs
When it's time to buy, we provide you with the funds to complete the purchase of your car within 48 hours once approved.
Don't let your credit history slow you down.
Need a loan for a used car?
Upgrade your car without breaking the bank. Our used car finance options make it possible.
Unemployed or on a Centrelink income*?
If you're looking for work, a car could really help you out. Let’s weigh up your options and calculate your affordable monthly payments.
Need to pay for vehicle work?
Our car repair loans can be used to cover car repairs, service work, bodywork, services and more - up to $30,000.
Example Car Loans in Melbourne Costs Chart
| Borrow | Costs | Repay |
|---|---|---|
| $5,000 | $1,909 | $6,909 |
| 24 months at 13.95% APR & 34.16% Comparison Rate | ||
| $10,000 | $6,925 | $16,925 |
| 48 months at 13.95% APR & 29.11% Comparison Rate | ||
| $25,000 | $14,850 | $39,850 |
| 60 months at 13.95% APR & 20.38% Comparison Rate | ||
| $50,000 | $30,285 | $80,285 |
| 72 months at 13.95% APR & 17.23% Comparison Rate | ||
| $75,000 | $42,219 | $117,219 |
| 72 months at 13.95% APR & 16.15% Comparison Rate | ||
EXAMPLE: A platinum secured personal loan of $5,000 for 24 months has fees and charges totalling $1,935.15 and a total repayment of $6,935.15. The Minimum loan term is 24 months and the Maximum term 24 months. The loan term will be 24 months, 52 fortnights or 104 weeks. The Maximum APR is 13.95%. The Comparison Rate, based on a loan of $5,000 over two years, is 34.58%.
EXAMPLE: A platinum secured personal loan of $25,000 for 60 months has fees and charges totalling $14,850.43 and a total repayment of $39,850.43. The Minimum loan term is 24 months and the Maximum term 60 months. The term will be 60 months if you repay monthly, 130 fortnights or 260 weeks. The Maximum APR is 13.95%. The Comparison Rate, based on a loan of $25,000 over five years, is 20.38%.
WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
Please Note: Advertised costs and repayments have been rounded up to the nearest dollar amount, so costs may be slightly cheaper in most cases. Australian Credit Licence 389067.
Melbourne Car Loans FAQs
A bad credit car loan gives Melbourne residents who have a poor credit rating a way to borrow money to purchase a vehicle. Many other credit providers and financial institutions will reject borrowers with a below-average score on their credit file (typically under 500) because they are seen as risky.
Money3’s bad credit car loans give you a fair go. We won’t judge you for having a bad credit rating or even that you receive income from Centrelink* - we care about whether the loan is reasonable and affordable for you.
When you apply for a car loan with Money3, you will be asked to provide details of your regular income and expenses. We will review this information to determine how much borrowing power you have. The higher your borrowing power, the more money you will usually be able to access.
To be eligible for a car loan with Money3, you must earn at least $480 or more per week1. This amount can be from work earnings, Centrelink income*, or a combination of both.
Your credit history is a record of your borrowing behaviour tracked by independent credit reporting agencies. When you apply for a loan or a credit card, this is noted in your credit file and affects your total credit score.
When you apply for a loan, the lender typically checks your credit history with a credit reporting agency. The lender will be provided with your credit report, which lists a score (usually from 0-1000) that values your creditworthiness.
Bad credit history is, in most cases, when you have a score below average (below the 500 mark). Many lenders will have a policy not to provide loans to those below a certain score.
However, Money3 can look past a below-average credit score and may be able to provide you with finance to purchase a new vehicle.
1. Subject to verification, suitability and affordability
* Money3 is not affiliated with, or endorsed by, Services Australia, but does provide personal loan and vehicle finance options which are available to recipients of benefit payments
