To determine whether you could be eligible for a bad credit car loan, we recommend you start by asking yourself the following 3 questions.

1. Do I know what is listed on my credit report?

Your first step is to understand exactly what is listed on your credit report.

You cannot rely on what you think may be listed, or not listed, because lenders will always obtain a copy of your credit report as part of their loan assessment process.

You can arrange for a free copy of your credit report from Equifax, Dunn & Bradstreet, and Experian. This can take up to 10 days to receive. Alternatively you can pay for a copy, and have it emailed within a day.

Make sure you understand what is listed on your credit report and that you can confirm everything listed is correct. If you do dispute anything, contact the relevant Credit Reporting Agency immediately to discuss the removal process.

2. Can I afford a bad credit car loan repayment?

If you want to get a car loan, especially with bad credit, you must do a budget and make sure you can afford the car loan repayments. If you don’t know how to start a budget, the government’s Moneysmart website has free budgeting tools and tips to help.

Once you have done your budget and can confirm you have enough money left over each month to cover a car loan repayment, then move to question 3.

3. Do I understand the lender’s policy regarding bad credit?

If you have bad credit, which includes things such as bankruptcy and defaults, you will need to do some research to find which car loan lenders will consider your level of bad credit.

Generally Banks can’t assist, but many non-bank and specialist lenders have very helpful websites which may outline the types of bad credit they will accept. If you are still unsure, always ask before you submit an application, because it’s important you avoid any unnecessary credit enquiries on your credit report.

It only takes a quick phone call, e-mail or a quick live chat to work out whether your level of bad credit is acceptable to the lender. Depending on what level of bad credit you have will ultimately determine how many lenders, if any, will be able to help.

At Fair Go Finance we are very transparent with the types of bad credit we can consider. You can read more about our bad credit loans here.

One important thing to remind yourself is that even though we may not be able to provide you with a bad credit car loan today, we may be happy to consider you in 3, 6 or 12 months. This is because your credit report is constantly being updated, so even though you may not be eligible to apply today, you can take the necessary steps to ensure you will be eligible within a certain time frame.

The key is to work together, understand how you fit within the lending rules, and be ready to apply when you become eligible.

At Fair Go Finance we want to help customers with their financial future, so why not take another few minutes and read this blog that includes tips on applying.  Then, if you want to apply for a bad credit car loan or any other type of personal loan, your can take the steps to ensure your application can be a successful one.

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Are you eligible to apply?


It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.

Check your options before you borrow:
For more information about other options for managing bills and debts, ring 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor.

Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan.
If you are on government benefits, ask if you can receive an advance from Centrelink.

The Australian Government’s MoneySmart Website shows you how small amount loans work and suggests other options that may help you.

* This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.