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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.
Get your car financed with Money3 easily online
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.Complete your online enquiry
Apply online under 10 minutes. Just give us some details on your identity, employment and expenses then send through your bank statements digitally, via our secure bank statement retrieval system.
- 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.Search for your new car
Either through a new or used, from a dealership anywhere in Melbourne or via a private sale — tell us what car you are ready to buy, and we can provide you with a quick final assessment.
- 04.You are on the road!
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 in your application, you can apply online in around 5 minutes.
Get up to $75,000
However much you need, as long as it is affordable, you could be approved even with a bad credit history.
Drive away in 48 hrs
Already found the car of your dreams? Review the loan agreement and sign, then we can release the funds to the vendor - straight away!
1. Subject to verification, suitability and affordability
We'll give you a fair go!
On a Centrelink income*?
A car could be a lifesaver when on Centrelink in Melbourne. Find out how much you could get pre-approved for.
Need to pay for vehicle repairs?
Our car repair loans can be used to cover car repairs, service work, bodywork, services and more - up to $30,000.
Car Loans with Bad Credit
Car finance up to $75,000, even with low credit scores are possible. Check out our bad credit car loans homepage for more details.
1. Subject to verification, suitability and affordability
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 $1,909.35 and a total repayment of $6,909.35. 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 34.16%.
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
Money3 will look more at how affordable the loan would be for you, over your credit score, when approving loans.
In Australia, a credit score is considered "bad" if it falls below certain thresholds depending on the credit reporting agency:
- Equifax: Scores range from 0 to 1200. A score below 550 is generally considered "bad."
- Experian: Scores range from 0 to 1000. A score below 550 is typically considered "bad."
- illion: Scores range from 0 to 1000. A score below 500 is generally considered "bad."
These thresholds indicate a higher risk to lenders, which could make it more challenging to obtain credit or loans. Since each lender might use a different credit reporting agency and have varying criteria, it's important to check with individual lenders to understand their specific requirements.
| Credit Reporting Agency | Excellent | Good | Fair | Bad |
|---|---|---|---|---|
| Equifax (0 - 1200) | 833 - 1200 | 726 - 832 | 622 - 725 | 0 - 621 |
| Experian (0 - 1000) | 800 - 1000 | 625 - 799 | 550 - 624 | 0 - 549 |
| illion (0 - 1000) | 800 - 1000 | 700 - 799 | 500 - 699 | 0 - 499 |
This table provides a general guide to how credit scores are categorised by each of the major credit reporting agencies in Australia. Keep in mind that these ranges can influence how lenders assess your creditworthiness, and different lenders may have their own thresholds for what they consider excellent, good, fair, or bad credit.
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.
The maximum car loans is $75,000 with us.
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 your finances to determine how much borrowing power you have. The higher your borrowing power, the higher loan amount, you will usually be able to access.
To get an idea of how much you could borrow with us, use our car loan calculator.
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.
Melbourne has several suburbs that are known for their concentration of car dealerships, making them ideal places to search for a used car. Some of the best suburbs include:
- Richmond: Located close to the city centre, Richmond is home to a variety of car dealerships, offering a wide range of used vehicles.
- Footscray: Known for its diverse range of car yards, Footscray is a great place to find affordable used cars.
- Oakleigh: This suburb in Melbourne’s southeast has numerous dealerships specialising in both new and used cars, giving you plenty of options to choose from.
- Ringwood: Located in Melbourne’s eastern suburbs, Ringwood has a strong reputation for its selection of car dealerships, especially along the Maroondah Highway.
- Mentone: In Melbourne’s south, Mentone offers a good mix of independent and franchise dealerships with a variety of used cars.
- Sunshine: This western suburb is popular for its car yards and also hosts Pickles Auctions, where you can find used cars at competitive prices.
Visiting these suburbs will give you the opportunity to explore a wide selection of used cars. Remember, getting pre-approved for a loan with Money3 can help streamline the purchasing process when you find the right 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
