Bad credit car loans for working Australians turned down by banks

A bad credit car loan is a loan to buy a car for someone with a poor or limited credit history, such as defaults, missed payments, court judgements, a debt agreement or a past bankruptcy. At Ume Loans it's a secured loan from $5,000 to $50,000, and the car you're buying is the security.

Yes. You may still be eligible for a bad credit car loan with defaults, missed payments, court judgements, a Part 9 debt agreement or a past bankruptcy. We assess your income and affordability as well as your credit history. You do need to be working. Not sure it's right for you? Read are bad credit loans for me?

You can borrow $5,000 to $50,000 over 1 to 7 years for a new or used car, from a dealer or a private seller. There are no early payout fees, no balloon payment and no deposit requirement, and you repay weekly, fortnightly or monthly.

Ume Loans may not be the right lender if you need less than $5,000, aren’t working, or your only income is Centrelink. If we can't approve you, we'll explain why and how we can work towards a future approval.

No. A lender can't honestly promise approval before it has assessed you, and every Ume application is assessed on your income and what you can afford. Pre-approval is the closest step, and it's obligation free.

Ume Loans will protect your credit file by only completing credit checks when it's likely we can get you approved.

Not on its own. A default affects your credit file, but we also look at your recent income and spending, and we'll ask what happened and what has changed.

In many cases, yes. If you're in a Part 9 debt agreement, Ume Loans will consider your application once it's at least halfway through and you've kept up with payments. If you've been bankrupt, we can consider your application from the day after you're discharged.

Apply with your last 3 months of bank statements. If you're working and they show you can afford the repayments, having no credit history isn't a barrier on its own. Lenders can see it as a risk, because there's nothing on file to show how you repay.

Ume Loans has no minimum credit score. Each credit bureau scores differently, so we focus on your income and what you can afford instead of a single number.

Yes, if you're working and your last 3 months of bank statements show your income and that you can afford the repayments. If you work casual hours, you need to have been in your job for at least 3 months.

Yes. In most cases we verify your income from your last 3 months of bank statements, so you don't need tax returns.

Your rate depends on a variety of factors, including your credit history, how you manage your current commitments and the loan term. Because we lend to people who can't get a bank loan, our rates are typically higher than a bank's. Your Lending Specialist will explain why your rate is what it is before you decide. With Ume Loans, you can save money by making extra repayments, with no extra or hidden fees. There are no upfront costs, because fees are included in the loan. Read our Interest Rate Statement for how we set rates.

No. We charge no early payout fees, so you can pay your loan off sooner and save on interest. Read our guide to paying off a bad credit car loan quickly.

Many applications are pre-approved within hours, some may need further review. It also depends on how quickly we receive your information. The more responsive you are, the faster we can get you approved. Once you've signed, funds can be paid the same day.

Work out what you can comfortably repay each week, then apply with one lender at a time, because several applications can lower your credit rating. Our guide to applying for a bad credit car loan has six tips to help.

A secured car loan uses the car you're buying as security. If you want to borrow against a car you already own, that's our secured personal loan.

Yes. We require an appropriate car insurance policy noting Ume Loans as the financier. As an authorised agent for Suncorp, we can quote and include the premium in your loan, or you can use any insurer.

A second chance car loan is for people who've been turned down elsewhere because of their credit history. We assess your income and what you can afford, and we approve many people their bank or another lender declined. Our guide to second chance loans has more detail.

If we can't approve your application today, we'll explain why and how we can work towards a future approval. See our 5 steps to improve your chances of getting a loan. You can also call us on 07 5443 3863, Monday to Friday, 8:30am to 5pm.

Ume Loans offers bad credit car loans to people in Australia, and you can apply online from anywhere in the country. If you're on a temporary visa, you can still apply with some additional conditions: at least 2 years left on your visa, working rights and a deposit. Your Lending Specialist will explain the details.