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Bad Credit Car Loans Melbourne up to $50,000

Money3 could help you get up to $50,000 towards your vehicle purchase

  • All Vehicle Types OK
  • Fast Pre-Approvals
  • Centrelink Considered1
  • Bad Credit Considered1
  • No Deposit Required
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Have Bad Credit? Get a Car Loan in Melbourne with Money3

If you’ve been rejected for car finance due to your poor credit score, it’s easy to become disheartened and feel like you have no options.

Thankfully, Money3’s bad credit car loans in Melbourne will give you a fair go1. We won’t fixate on your credit score, or even if some of your income comes from Centrelink payments. We care about the balance of your income and expenses to ensure the loan is affordable for you.

With Money3, you could access up to $50,000 to purchase Cars, Motorbikes, Trucks, Boats, Caravans, or any other type of vehicle.

Applying is quick and simple - just use the form at the top of the page or follow the link below to get started.

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Bad Credit Car Loans Melbourne up to $50,000

Who’s Able to Get a Bad Credit Car Loan in Melbourne?

As with any lender, you need to meet some basic eligibility requirements before applying for a bad credit car loan with Money3.

To apply, you must:

If you meet these requirements, Money3 is happy to consider your loan application, even if:

Our goal is to provide you with a car finance option appropriate to your financial situation. If we believe a loan for your requested amount is suitable, we’ll do our best to give you a pre-approval offer as soon as possible.

Please note that your loan pre-approval offer will still need to pass a final check by Money3 before we can pay for your chosen vehicle.

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Bad Credit Car Loans Melbourne up to $50,000

Benefits of Getting Pre-Approved with Money3

If successful during our application process, Money3 could give you a pre-approval offer up to the loan amount you requested1. You can take your pre-approval to any private seller or dealership in Melbourne (or even in another state) to help you pay for all or a portion of the vehicles’ purchase price.

Having pre-approval allows you to shop knowing what vehicles are within your price range. This can help you avoid disappointment when you find a car you like, only to discover later on that you can’t get enough finance for it.

Pre-approval helps you maintain realistic expectations and shortens the time it takes you to find a vehicle.

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Bad Credit Car Loans Melbourne up to $50,000

Example Bad Credit Car Loans Melbourne Costs Chart

Platinum
19.95% APR
Silver
25.00% APR
Bronze
28.00% APR
Borrow Costs Repay
$5,000 $2,211 $7,211
24 Months at 19.95% APR & 35.97% Comparison Rate
$7,500 $3,316 $10,816
24 Months at 19.95% APR & 39.00% Comparison Rate
$10,000 $6,803 $16,803
36 Months at 19.95% APR & 38.18% Comparison Rate
$12,500 $8,252 $20,752
36 Months at 19.95% APR & 37.19% Comparison Rate
$15,000 $9,701 $24,701
36 Months at 19.95% APR & 36.53% Comparison Rate
Borrow Costs Repay
$5,000 $2,557 $7,557
24 Months at 25.00% APR & 44.43% Comparison Rate
$7,500 $3,835 $11,335
24 Months at 25.00% APR & 44.43% Comparison Rate
$10,000 $7,903 $17,903
36 Months at 25.00% APR & 43.47% Comparison Rate
$12,500 $9,627 $22,127
36 Months at 25.00% APR && 42.51% Comparison Rate
$15,000 $11,351 $26,351
36 Months at 25.00% APR & 41.87% Comparison Rate
Borrow Costs Repay
$5,000 $2,767 $7,767
24 Months at 28.00% APR & 47.66% Comparison Rate
$7,500 $4,150 $11,650
24 Months at 28.00% APR & 47.66% Comparison Rate
$10,000 $8,577 $18,577
36 Months at 28.00% APR & 46.62% Comparison Rate
$12,500 $10,469 $22,969
36 Months at 28.00% APR & 45.68% Comparison Rate
$15,000 $12,361 $27,361
36 Months at 28.00% APR & 45.05% Comparison Rate

Frequently Asked Questions

What is unique about a bad credit car loan in Melbourne?

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 go1. 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.

How does Money3 determine if I can afford a car loan?

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.

How much do I need to earn to get a bad credit car loan in Melbourne?

To be eligible for a car loan with Money3, you must earn at least $425 or more per week1. This amount can be from work earnings, Centrelink income, or a combination of both.

Who determines if I have a bad credit history?

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.

Do I need to save up a deposit to get a bad credit car loan in Melbourne?

No, with Money3, you don’t need any deposit. With that said, a deposit is always good to have since you can combine it with your loan pre-approval to get a higher value car.

Why is Money3 different to other lenders in Melbourne?

At Money3, one point of difference from most lenders is that we can approve car finance for individuals with a poor credit history or who receive Centrelink income. Typically, a bank or financial institution will view the fact you have delinquencies on your credit report or receive government benefits as signs you are a risky borrower. We think you deserve a second chance to access a car loan as long as we are sure you’re in a stable financial situation and can make repayments comfortably.

Money3 is a responsible lender regulated by ASIC. Our Australian Credit Licence is 389 782.

Can I check my credit score?

Yes, you can always check your own credit score. Many online providers can help you check your credit file for free. Please remember that checking your credit score too often could cause it to drop (since it looks like you’re applying for lots of loans simultaneously).

Does Money3 check my credit score when I apply for a car loan?

We don’t typically perform a credit check on every application. We may perform a check after you have passed our initial checks before your loan is pre-approved. Note that any inquiry we make may be recorded in your credit file.

What types of car can I get?

Any type you like. We don’t have restrictions on the model or make of the vehicle, and you aren’t restricted to just cars either. Money3 could help you finance a boat, campervan, or even livestock equipment like a horse trailer1.

How could my credit score improve with a bad credit car loan?

If you pay back your loan on time without any issues, it will demonstrate responsible borrowing behaviour to the credit reporting agency. When you accumulate evidence of sound debt management, your credit score will typically increase (although many factors contribute to your overall credit score).

Can I get approved if I am currently bankrupt or in a Part IX debt agreement?

Sorry, we cannot provide finance to anyone who is currently bankrupt or in a Part IX debt agreement.

Can I apply for a personal loan with Money3 instead?

Yes, apart from a car loan, you can apply for a personal loan from Money3 up to $12,000.

What kind of documentation will I need?

When you apply for one of our bad credit loans, we will require some basic details such as your address, contact details, and a breakdown of your regular income and expenses. Providing your driver’s license can speed up the process. Due to responsible lending obligations, we will need 90 days of bank statements, but we have made this easy for you to provide online in minutes.

Can I pay back my car loan early?

Of course. There are no fees for paying back your car loan early with Money3.

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