Money3 could help you get up to $75,000 towards your vehicle purchase
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 $75,000 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.
1. Subject to verification, suitability and affordability
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.
1. Subject to verification, suitability and affordability
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.
1. Subject to verification, suitability and affordability
| Borrow | Costs | Repay |
|---|---|---|
| $5,000 | $1,909 | $6,909 |
| Platinum secured personal loan for 24 months at 13.95% APR & 34.16% Comparison Rate | ||
| $10,000 | $6,925 | $16,925 |
| Platinum secured personal loan for 48 months at 13.95% APR & 29.11% Comparison Rate | ||
| $25,000 | $14,850 | $39,850 |
| Platinum secured personal loan for 60 months at 13.95% APR & 20.38% Comparison Rate | ||
| $50,000 | $30,285 | $80,285 |
| Platinum secured personal loan for 72 months at 13.95% APR & 17.23% Comparison Rate | ||
| $75,000 | $42,219 | $117,219 |
| Platinum secured personal loan for 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 389 067 |
||
| Borrow | Costs | Repay |
|---|---|---|
| $5,000 | $2,313 | $7,313 |
| Silver secured personal loan for 24 months at 19.95% APR & 40.63% Comparison Rate | ||
| $10,000 | $8,676 | $18,676 |
| Silver secured personal loan for 48 months at 19.95% APR & 35.35% Comparison Rate | ||
| $25,000 | $20,883 | $45,883 |
| Silver secured personal loan for 60 months at 19.95% APR & 27.39% Comparison Rate | ||
| $50,000 | $42,963 | $92,963 |
| Silver secured personal loan for 72 months at 19.95% APR & 23.32% Comparison Rate | ||
|
EXAMPLE: A silver secured personal loan of $5,000 for 24 months has fees and charges totalling $2,313.37 and a total repayment of $7,313.37. The Minimum loan term is 24 months and the Maximum term 24 months. The term will be 24 months if you repay monthly, 52 fortnights or 104 weeks. The Maximum APR is 19.95%. The Comparison Rate, based on a loan of $5,000 over two years, is 40.63%.
EXAMPLE: A silver secured personal loan of $25,000 for 60 months has fees and charges totalling $20,883.12 and a total repayment of $45,883.12. 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 19.95%. The Comparison Rate, based on a loan of $25,000 over five years, is 27.39%. 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 389 067 |
||
| Borrow | Costs | Repay |
|---|---|---|
| $5,000 | $2,661 | $7,661 |
| Bronze secured personal loan for 24 months at 24.95% APR & 46.04% Comparison Rate | ||
| $10,000 | $10,216 | $20,216 |
| Bronze secured personal loan for 48 months at 24.95% APR & 40.60% Comparison Rate | ||
| $25,000 | $25,625 | $50,625 |
| Bronze secured personal loan for 60 months at 24.95% APR & 32.59% Comparison Rate | ||
| $40,000 | $44,982 | $84,982 |
| Bronze secured personal loan for 72 months at 24.95% APR & 29.27% Comparison Rate | ||
|
EXAMPLE: A bronze secured personal loan of $5,000 for 24 months has fees and charges totalling $2,660.80 and a total repayment of $7,661.80. The Minimum loan term is 24 months and the Maximum term 24 months. The term will be 24 months if you repay monthly, 52 fortnights or 104 weeks. The Maximum APR is 24.95%. The Comparison Rate, based on a loan of $5,000 over two years, is 46.04%.
EXAMPLE: A bronze secured personal loan of $25,000 for 24 months has fees and charges totalling $25,625.34 and a total repayment of $50,625.34. 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 24.95%. The Comparison Rate, based on a loan of $25,000 over five years, is 32.59%. 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 389 067 |
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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.
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.
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.
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 389 067.
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).
We don’t typically perform a credit check on every application. We will 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.
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.
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).
Sorry, we cannot provide finance to anyone who is currently bankrupt or in a Part IX debt agreement.
Yes, apart from a car loan, you can apply for a personal loan from Money3 up to $30,000.
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.
Of course. There are no fees for paying back your car loan early with Money3.
1. Subject to verification, suitability and affordability
Vehicle Finance
Cars
Motorbikes
Used Cars
Campervans
Vans
Minibuses
Caravans
Trailers
Boats
Jet Skis
Trucks
Ride on Mowers
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ABN 36 108 979 406 / Australian Credit Licence 389 067
Call us on 1300 014 870.
