Looking for car finance with a dodgy credit history? Brace yourself for higher interest rates and more hoops to jump through. Lenders specialising in bad credit will typically charge you a premium, with interest rates often north of 10-20% APR. You might find options through specialist brokers or finance companies listed on ServiceCentral, but expect a smaller loan amount and stricter terms.
Used cars are your best bet here, generally priced between $5,000 to $20,000, and lenders love a decent deposit to offset their risk. Remember, while it’s tempting to snag that flashy ride, the real expense is the interest you’ll be bleeding over the loan term. Always read the fine print and consider improving your credit before committing.
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