Rapid Finance Bad Credit Car Loan

A lender who looks past your bad credit to put you back in the driver's seat.

We have all, at some point in our lives, made choices that have impacted our finances. Some of these choices might lead to a bad mark on your credit file, which in turn would limit your ability to access finance. Rapid Finance’s team looks at applications according to the current circumstances of the applicant.

If you can afford to repay your loan, Rapid Finance will consider you for a loan. The preliminary assessment made by their team is free of charge and they provide loans for both dealer and private cars.

What to consider before applying

You should carefully look at your monthly budget and find the exact repayments you can make before you apply. Taking out an excessive loan can eventually lead to unnecessary stress on the budget, so only apply for what you need.

You can also get lower interest rates if you can provide security by showing home ownership or other assets. Applicants who have credit card defaults, repossessions or declared bankruptcy are also considered.

How do these loans compare?

Whilst we don't compare Rapid Finance Bad Credit Car Loan directly, below are some similar loans that you can compare

Rates last updated October 18th, 2018
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Monthly Service Fee Application Fee Product Description Monthly Repayment
Latitude Motor Vehicle Loan
From 6.99% (fixed)
8.1%
$5,000
1 to 7 years
$10
$295
You'll receive a fixed rate between 6.99% p.a. and 14.99% p.a. based on your risk profile
Apply for a loan from $5,000 to finance a new or used car. Flexible repayments and options to finance a classic car.
Loans.com.au - New Car Loan
5.44% (fixed)
5.99%
$5,000
3 to 5 years
$0
$400
You'll receive a fixed rate of 5.44% p.a.
Finance a new car and benefit from features such as fast approval, no ongoing fees and an optional balloon payment.
IMB New Car Loan
5.89% (fixed)
6.24%
$2,000
1 to 7 years
$0
$250
You'll receive a fixed rate of 5.89% p.a.
A low minimum borrowing amount of $2,000 that you can use to purchase a new car or one up to two years old.
Stratton Finance New Car Loan
From 5.29% (fixed)
6.56%
$18,000
1 to 7 years
$8.90
$459.20
You'll receive a fixed or variable rate depending on the lender you are approved with
Apply for up to $100,000 and use cash or trade in a vehicle to use as a deposit. Optional balloon payment available.
Beyond Bank Low Rate Car Loan
From 5.69% (fixed)
5.97%
$25,000
1 to 7 years
$0
$175
You'll recive a fixed rate of 5.69% p.a.
Take advantage of a competitive rate, pre-approval and no early repayment fees when you finance a car under two years old.
St.George Secured Personal Loan - Fixed Rate
From 8.49% (fixed)
9.6%
$3,000
1 to 5 years
$12
$195
You'll receive a fixed rate from 8.49% p.a. based on the value of your car
Get a competitive rate and apply for a larger loan up to $80,000 when you attach a new or used car as security to the loan.
Westpac Car Loan
From 8.49% (fixed)
9.67%
$10,000
1 to 7 years
$12
$250
You'll receive a fixed rate of 8.49% p.a.
Finance a new or used car and benefit from convenient features for car buyers including a car search tool and the option to borrow extra for on-road costs.
RACV New Car Loans
From 5.99% (fixed)
6.55%
$15,000
1 to 7 years
$0
$399
You'll receive a fixed rate of 5.99% p.a.
A larger loan of $15,000 or more to help you buy a new or used car. 5-hour pre approval available and no ongoing fees.
Australian Military Bank Car Loan
From 5.71% (fixed)
6.57%
$1,000
1 to 7 years
$10
from $100 to $500
You'll receive a fixed rate between 5.71% p.a. and 8.66% p.a. based on your personal credit history
A flexible loan to help you finance a car, motorbike or boat up to five years old.
Latitude Personal Loan (Secured)
From 12.99% (fixed)
14.2%
$3,000
2 to 7 years
$13
$250 (Loans under $4000 - $140)
You'll receive a fixed rate between 12.99% p.a. and 28.99% p.a. based on your risk profile
Lock in a competitive variable rate when you offer security. Loan can be used for any purpose and repayments are flexible.
IMB Secured Personal Loan
6.89% (fixed)
7.24%
$2,000
1 to 5 years
$0
$250
You'll receive a fixed rate of 6.89% p.a.
Benefit from this competitive rate by securing the loan with a vehicle up to 6 years old. Use this flexible loan for any purpose.
Community First Credit Union New Car Loan - Variable
From 5.34% (variable)
6.1%
$10,000
1 to 7 years
$5
$195
You'll receive a variable rate of 5.34% p.a..
Finance a brand new car, demonstrator vehicle, boat, caravan or motorbike and benefit from a competitive variable rate. Loans from $10,000

Compare up to 4 providers

Features of a Bad Credit Car Loan from Rapid Finance

Some of the main features of this loan that make it an attractive option are:

  • Flexible lending criteria. In today’s market, we see some banks and other firms applying algorithms and automatic rejection/selection criteria for applications. This causes loans being denied to many customers who might have more than adequate repayment resources. Rapid Finance assesses each application individually and looks at your current circumstance to make a final decision.
  • Free assessment. The initial assessment is free of charge. There are no upfront costs or charges while applying for the loan. A fee only has to be paid after the loan terms are accepted by the applicant.
  • No deposit required. Subject to your application, you may not need to provide a deposit to secure your loan.
  • Repayment terms. You'll have between 1 year(s) and 7 year(s) to repay your loan, and you can choose a repayment frequency of weekly, fortnightly or monthly – whatever works best for your budget.
  • Different financial conditions considered. Rapid Finance considers applicants that might have credit card defaults, repossessions, discharged bankruptcy, etc. These cases are generally not taken by big banks and financial institutions. Rapid Finance can still get you a loan if you have the ability to repay it by their standards.
  • Quick application process. The application process is quite fast and a preliminary assessment can be done through phone also.

"Am I eligible for this loan?"

You should be at least 18 years of age and an Australian citizen or permanent resident. Applicants should have reasonable resources to repay the loan. Rapid Finance does not deny loans solely based on past credit history or credit rating.

Fees and charges

RapidFinance provides preliminary assessments free of charge. Once you accpet the loan, Rapid Finance receives a commission directly from the lender.

The exact commission varies depending on the type and amount of loan. This commission will be disclosed when the final proposal of loan is given.

How you can apply for a loan with Rapid Finance

If you would like to apply for this loan you can click ‘Go to site’ to submit an online application. Ensure you meet the below eligibility criteria and that you have the required information on hand:

Eligibility criteria

  • You must be at least 18 years of age to apply for this loan
  • You need to be permanent resident or citizen of Australia.

Required documents

  • Personal information like name, date of birth and contact details needs to be provided
  • Employer’s name, address and contact details
  • Information regarding your income, expenses and debt are also required.

This loan is an attractive alternative for applicants who may not be eligible for conventional forms of credit. Rapid Finance provides a quick assessment and considers you even if you have bad credit. Before you apply, compare your loan options to ensure you find the best terms.

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Car Loan Offers

Important Information*
IMB New Car Loan

You'll receive a fixed rate of 5.89% p.a.
A low minimum borrowing amount of $2,000 that you can use to purchase a new car or one up to two years old.

Loans.com.au - New Car Loan

You'll receive a fixed rate of 5.44% p.a.
Finance a new car and benefit from features such as fast approval, no ongoing fees and an optional balloon payment.

Latitude Motor Vehicle Loan

You'll receive a fixed rate between 6.99% p.a. and 14.99% p.a. based on your risk profile
Apply for a loan from $5,000 to finance a new or used car. Flexible repayments and options to finance a classic car.

Stratton Finance New Car Loan

You'll receive a fixed or variable rate depending on the lender you are approved with
Apply for up to $100,000 and use cash or trade in a vehicle to use as a deposit. Optional balloon payment available.

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2 Responses

  1. Default Gravatar
    NiksSeptember 30, 2017

    Can a international student apply for a loan??
    What are the documents requirement?
    How long is the process?

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