Credit Impaired Car Loans Are Best For

A credit impaired loan is more suitable for people who have had or are currently experiencing credit issues. This includes defaults, court judgments, discharged bankrupts or completed debt agreements (Part 9) and payday lenders. Our expert finance brokers can review your situation for free to find a solution that works for your personal circumstance.

Tips when applying for a loan

To improve your chances of being accepted for finance and help you to get a better deal, you can:
  • Catch up on any payments you may have missed on other loans or borrowings
  • Offer a deposit for your new loan. It’s not always necessary, but it usually helps to build the lender’s confidence
  • Consider a joint application. If your spouse, partner, or someone at your address has good credit, you may have a better chance of being accepted if you apply together
  • Avoid payday lenders
  • Always maintain a positive balance in your bank account(s)
  • You need to be earning at least $400 per week after tax

Fixed repayments

Yes, weekly, fortnightly or monthly.

Repayment period

Usually 12-60 months (1-5 years)


Optional and may increase your ability to get approved.

Who owns the car

You own the car. The lender will hold a financial interest over the vehicle until the loan is paid in full.

Repayment options

A direct debit is setup so you’ll never miss a payment.


If your credit rating is affected by defaults from phone, gas or electricity bills, less than $5000, paid in full or in a payment arrangement it’s worth applying. If your defaults are financial in nature, credit card, loans or mortgage, they will need to be paid in full to consider your application.

Missed or slow payments

Have your missed or slow payments been a result of something outside your control, an accident or illness for example then it’s worth discussing your situation with our finance brokers.

Bankruptcy or Part 9 Debt Agreement

If you have been discharged from your bankruptcy for 6 months or more we can review your situation or 1 day after completing your debt agreement.

Does applying affect my credit rating?

When you first apply, we do a ‘soft search’ on your credit history. Other lenders can’t see this. If it’s obvious we can’t help you, we won’t pass your application to a lender, and your credit profile won’t be affected. If we believe you might be accepted by one of our lenders, we’ll submit your application to the lender we believe best suits your circumstances. They’ll then do a ‘credit check’, which is recorded on your credit profile. On average, two recorded credit check searches are likely to be done during the process. It’s important you give us accurate information, so we can match you with the most appropriate lender. We want to get your application right the first time, so being open and transparent will help us do our job better.

Car Loan Terms

Credit Impaired Car Loan & Finance

Are you trying to get your credit back on track? Doing as much as possible will help your ACFC broker get you approved.
  • 2 recent payslips (no older than 30 days)
  • Current driver’s licence
  • 90 days of bank statements
  • Confirmation of paid defaults or payment arrangements
  • Minimum 3 months at your current job

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