Bad Credit Car Finance Australia – No Stress Loans

Bad credit car finance Australia. Apply online in minutes with Monzi. Is your credit history getting between you and the wheel? Monzi may be able to help find lenders offering personal loans for bad credit history.

Disclaimer: The loans offered by our network of lenders are personal loans. Unlike traditional car finance, you may not be able to use the car you intend to buy as security against the personal loan. You will need to nominate one of your existing assets as collateral.

What is bad credit car finance?

Car finance for bad credit may be an option for certain consumers. Specifically, these loans can help people with poor credit history fund the purchase of a vehicle. Monzi’s network of lenders may be able to offer up to $10,000.

Please note, if you match with a lender from our network, their car loans may function differently to traditional car finance. In other words, you cannot use the vehicle you intend to purchase as security. Instead, you must have an existing asset of adequate value.

You’re free to spend your cash loan how you wish, if you’re approved. For example, your money could go towards:

  • new car purchase
  • used car purchase
  • repairs
  • maintenance
  • modification.
  • 4×4 accessories

Car finance bad credit Australia wide

We don’t offer loans ourselves here at Monzi. Instead, we make it simple to match with a potential credit provider offering so easy loans.

Moreover, every part of our business happens online. This means you can apply whenever you want as long as you have an internet connection. In fact, we’ve already helped consumers from all corners of the country access lenders.

Bad credit car finance Brisbane$3,000
Car finance Sydney bad credit history$4,500
Bad credit car finance Melbourne$5,000
Car finance Perth bad credit history$6,000
Car finance Gold Coast bad credit$7,000
Bad credit car finance Adelaide$10,000

The above table contains only examples. Using Monzi’s lender-finder does not guarantee you being offered what is presented above. Small loans and larger secured loans available.

Finally, be aware that your credit history is likely to bar you from being offered the best rates possible.

Can you get car finance with bad credit?

Yes, it is possible to be considered for car finance if you have a record of bad credit. Specifically, you may be approved for credit with a lender willing to consider applicants with bad credit.

Specifically, if you apply with Monzi, we may match you with a lender potentially offering personal loans up to $10,000. These lenders may still check your credit history, meaning you might not offered a no credit check loan, but will also aim to focus on your:

  • income
  • expenses
  • spending habits
  • repayment history.

As a result, a bankruptcy from your past may not stand between you and car finance with bad credit.

Can you help with car finance bad credit on Centrelink?

Do you receive Centrelink or other Government benefits? You may be eligible for bad credit car finance.

In short, Monzi works with lenders that assess applications on a case-by-case basis. If Centrelink payments make up some or all of your income, you might still be considered.

Despite this, always consider all other options available to you; especially if you receive benefits. It can be expensive to take out small loans on Centrelink.

Need a loan to cover bills? Get in contact with your lender directly to apply for a payment plan. You can find more information on MoneySmart.

Finally, call 1800 007 007 from anywhere in Australia for free financial advice. In particular, seek independent advice to find out how the information presented on our website relates to your unique circumstances.

What about pensioners with bad credit history?

Each application is unique. Moreover, lenders assess each application case-by-case. Therefore, we cannot provide a blanket answer to this question.

For example, if you apply for a loan while receiving the Disability Support Pension, you may be approved because:

  • you have good repayment history with other lenders; and
  • you have consistent spending habits.

How much can I borrow?

We want to help as many Aussie consumers as we can, whatever their financial objective. Moreover, we work with a wide network of different lenders.

If you’re after something small, you could consider a small unsecured loan of up to $2,000.

Looking for something larger? Secured loans range from $2,001 to $10,000!

Finally, you may be eligible for large personal loans of up to $30,000 if you meet certain criteria.

Can I use the car I want to buy as security?

No; unlike traditional car loans you cannot use the vehicle you intend to purchase as security.

Instead, consumers will need to use one of their existing assets as security. Generally, lenders can accept the following assets as collateral:

  • car
  • caravan
  • motorbike
  • boat.

Can I get a car loan with a credit score of 500?

Monzi cannot answer this question as we do not assess applications. Instead, we simply aim to match your application with a potential credit provider.

After all, lenders always assess bad credit car finance applications individually. As such, required credit scores and other criteria that are relevant for one consumer may not be considered for another.

How long does it take to apply for car finance with bad credit history?

Each application is unique. After all, every person is unique. Therefore, there is no set time it takes to complete an application.

What we can guarantee, however, is that Monzi’s application process is super easy and straightforward to use. In fact, we think most people can apply for quick easy loans in a few minutes.

The below list outlines what makes applying with Monzi so quick and painless.

  • Digital access. Our system is able to digitally access a lot of the information we need, like your bank statements. Instead of rummaging around for old letters, Monzi does it for you online!
  • Essentials only. We ask you to provide a few pieces of information when you apply. Monzi has, however, cut through the jargon and nonsense; we only ask for the important stuff!
  • We work fast. Apply during normal hours and we’ll aim to get to work ASAP! Apply outside of normal hours and we may only have an outcome for the next business day.

Bad credit car finance man handing over keys to new car

Do I have to accept the car finance for bad credit offered to me?

Consumers may not always accept the contract they get offered. After all, some lenders may not be able to offer what the borrower applied for on their site. Moreover, some consumers simply change their mind.

The good news, however, is you are under no obligation to accept any loan offered to you. In short, if you are unhappy with anything your contract, let the lender know.

It is, as a result, very important you read through your contract thoroughly before making a decision. In particular, make sure you understand and are happy with the following.

  • Interest rates
  • Fees and charges
  • Repayment terms.

As you can see, understanding your contract is paramount. If you approve your contract and then decide later you are unhappy with it, you may find yourself in a tough position.

Is there bad credit car finance with no deposit?

No-deposit car finance is a specific type of loan product. Unlike traditional car or home loans, you are not required to put a deposit down towards the total price of the car. Generally, you will need to meet certain criteria before qualifying for these loans.

No deposit car loans are not offered by Monzi. Instead, we aim to match you with a lender potentially offering personal loans.

Moreover, the personal loans potentially available through Monzi do not require a deposit. They may, however, require an asset to be put up as collateral. Lenders can often consider cars and other vehicles as collateral.

What does your credit score have to be to get car finance?

Your credit score is only one piece of the puzzle. In other words, lenders use a variety of different criteria to assess whether or not to lend to you.

For car finance for bad credit history through Monzi, there is no minimum credit score required. Instead, lenders take into account a myriad of different criteria and indicators. In particular, lenders will look to confirm the following:

  • income
  • expenses
  • repayment history
  • debt to income ratio
  • spending habits.

So if you’re wondering if you’re eligible for a car loan with a credit score of 500, the answer is yes! You’re more than eligible to apply. Approval is, however, subject to assessment and not guaranteed.

Car finance bad credit instant decision

Need an instant loan? We don’t blame you. That’s why at Monzi we’ll always do our best to provide a decision as quickly as possible, leaving you to get back to doing what you do best.

Apply during normal business hours, and we will do our best to provide you with an outcome within the hour. Apply outside of these hours and you may only receive an outcome the next business day.

Once your application leaves our system our work is done. From here, you’re at the mercy of the lender. In addition, remember that each lender must first assess your application before giving an outcome. Obviously, applications vary. As a result, there is no uniform time to receive a decision.

What about car finance bad credit guaranteed approval?

While we would all love a bit of certainty for bad credit car finance, no loan is ever guaranteed.

This is because all credit providers in Australia are expected to lend money responsibly. More specifically, Australian Consumer Law prohibits lenders from offering unsuitable loan products.

To ensure lenders are being responsible, they are required to assess the borrower’s financial situation and objectives. Here’s a working example to make it clearer:

Dylan applies online for a $10,000 loan. Once he submits his application, the lender looks over his bank statements. Despite applying for $10,000, Dylan’s lender realises he can only really afford to repay a $2,000 loan.

In conclusion, it would be illegal for the lender to approve Dylan’s application for $10,000 if he can only afford $2,000.

Is my information safe with Monzi?

Absolutely! Your information is kept completely safe and secure in our system.

This is because Monzi is protected by both McAfee and Comodo. Therefore all our clients can rest assured their info is kept under lock and key by two of internet security’s heavyweights.

Buying second-hand? Read this first

Purchasing second-hand is hugely popular amongst Aussies looking to save. After all, the value of a new car plummets as soon as it leaves the dealership. Furthermore, a well-maintained second-hand car can often run for many years.

Looking for a budget-friendly option? The benefits of second-hand cars speak for themselves. Except, of course, the risk.

Usually, used cars are not guaranteed by the manufacturer’s warranty, so it’s important you do your research before buying a car. Not sure how? Here are a few of our top things to consider when buying a used vehicle.

  • Don’t rely on the photos. Get in contact with the seller directly and ask specific questions about the vehicle; e.g. are there any issues with the car not shown in the photos?
  • While fewer kilometres is always a plus, the condition of the vehicle is often a better indicator of reliability. If the interior of the car is tattered, what condition is the engine?
  • Always check the car yourself before committing to the purchase. If you’re not sure what to look for, bring a friend or family member who is experienced in mechanics.
  • There are now more options than ever to shop around. From online trading platforms to newspapers, the possibilities are endless.

In general, these rules hold true for purchasing other vehicles, like a motorcycle.

Okay, I’m ready to apply

Ready to get started with Monzi? Just make sure you first meet our eligibility criteria.

  • All applicants must be at least 18 years old
  • Australian Citizen or Permanent Resident
  • Personal contact number and email address
  • 90 days of recent banking history on personal account.

Meet everything listed above? Here’s how you can get started:

  1. Select the amount you wish to apply for in our loan slider. Click Apply Now and complete the submission form.
  2. Our system tries to pair your application with a potential lender. If you’re matched, they will conduct an assessment.
  3. Lenders will send through a digital loan contract if they approve your application and can make you an offer.

Finally, every application is subject to assessment. As a result, there is no way to guarantee approval.

Let’s begin

Monzi; it’s fast, easy and convenient. Need a few extra dollars to see you through until next paycheque? Why wait? Monzi is here.

Want more Monzi? Cool! Stay in touch via Facebook, Instagram, Twitter and Pinterest.

Factor In


Two credit cards
Two credit cards

You won't use a penny to apply for our lender-finding service, but here's some costs you could expect from a lender

Loan amount

$300 - $2,000


12 months (minimum)

12 months (maximum)


20% upfront establishment fee

+ 4% monthly fee


Loan Amount of $1,000 over 6 months repayable weekly (25 weekly repayments). $1,000 (Principal Amount) + $200 (20% Establishment Fee) + $240 (fees based on 4% per month over 25 weeks) = $1,440 total repayable in 25 weekly installments of $57.60.

Under the current legislation, most small personal loan providers don’t charge an annual interest rate (you’ll know this as an APR) %. The maximum you will be charged is a flat 20% Establishment Fee and a flat 4% Monthly Fee. The maximum comparison rate on loans between $300 and $2000 is 199.43%. The minimum and maximum loan term is 12 months. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Loan amount

$2,001 - $4,600


13 months (minimum)

24 months (maximum)


48% Annual Percentage Rate (APR)

67.41% Comparison Rate p.a.


Loan Amount of $3,000 over 18 months repayable weekly (78 weekly repayments). $3,000 (Principal Amount) + $400 (Establishment Fee) + $1,379.06 (reducing interest) = $4,779.06 total repayable over 18 months with weekly installments of $61.27.

The Annual Percentage Rate (APR) for Secured Medium Loans is 48%. The Typical Comparison Rate is 67.41% p.a. The minimum loan term is 13 months and the maximum loan term is 24 months. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. Click here to see a worked example.

Loan amount

$5,000 - $10,000


13 months (minimum)

24 months (maximum)


21.24% Annual Percentage Rate (APR)

48% Comparison Rate p.a.


Loan Amount of $10,000 over 24 months repayable weekly (104 weekly repayments). $10,000 (Principal Amount) + $5,577.12 (Interest) = $15,577.12 total repayable over 24 months with weekly installments of $149.78.

The Annual Percentage Rate (APR) for Secured Large Amount Loans is 48%. Maximum Comparison Rate is 48% p.a. The minimum loan term is 13 months and the maximum loan term is 24 months. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. Click here to see a worked example.