rapidfinance

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 July 23rd, 2017
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Repayment Product Description
CUA Secured Fixed Car Loan
From 6.79% (fixed)
6.92%
$5,000
1 to 7 years
$0
A competitive car loan for new or used vehicles up to 7 years old that offers flexible repayment options and no account keeping fees.
IMB New Car Loan
From 5.99% (fixed)
6.34%
$2,000
1 to 7 years
$250
This fixed rate new car loans up to 2 years old features no early repayment penalties
AutoCarLoans
From 5.16% (fixed)
6.64%
$15,000
1 to 7 years
$381.80
AutoCarLoans can match you with a lender on their panel with rates starting from 5.16% p.a.
RACV New Car Loans
From 6.99% (fixed)
7.54%
$15,000
1 to 7 years
$380
Enjoy this fixed rate new car loan offer from RACV. No ongoing fees.
NRMA New Car Loan
From 6.99% (fixed)
7.54%
$15,000
1 to 7 years
$380
Purchase a new car with an NRMA Car Loan with a fixed rate term and no monthly fees. NRMA Members could save 1% on loan rates.
IMB Secured Personal Loan
From 7.39% (fixed)
7.74%
$2,000
1 to 5 years
$250
A secured loan from IMB with flexible repayment features
Latitude Personal Loan (Secured)
From 12.99% (fixed)
14.2%
$3,000
2 to 7 years
$250 (Loans under $4000 - $140)
Can be used for whatever purpose: renovating, buying a car, booking a holiday. Funds can be in your account in as little as 24 hours.

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 one and seven years 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 the loan is accepted by you, 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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Related Posts

CUA Secured Fixed Car Loan

A competitive car loan for new or used vehicles up to 7 years old that offers flexible repayment options and no account keeping fees.

Latitude Personal Loan (Secured)

Can be used for whatever purpose: renovating, buying a car, booking a holiday. Funds can be in your account in as little as 24 hours.

RACV New Car Loans

Enjoy this fixed rate new car loan offer from RACV. No ongoing fees.

NRMA New Car Loan

Purchase a new car with an NRMA Car Loan with a fixed rate term and no monthly fees. NRMA Members could save 1% on loan rates.

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