Bad credit loans secured by the car you already own
Borrow $2,100 to $5,000 against a car registered in your name, and keep driving it. We consider a range of circumstances, not a credit score on its own. Every application goes through a credit and affordability assessment.
This is a secured loan. If you fail to meet your repayment obligations, your secured asset may be repossessed.
4.7·Google reviewsWhat it is
What is a bad credit loan?
A bad credit loan is not a separate product. It describes an application where your credit file has defaults or missed payments on it.
AutoSwift assesses every application on your whole situation, including your income, expenses, credit history and the vehicle offered as security.
The real question
Can you get a loan with very poor credit?
A poor credit file does not rule you out on its own. An assessment for a car-secured loan starts with three things.
- 01
Your income
- 02
Your credit history
- 03
Your vehicle
We can't consider applications from people who are bankrupt, in a current debt agreement or subject to a garnishee order.
*Your credit file is read alongside the rest, rather than as a single pass or fail. Approval is not guaranteed and is subject to credit assessment.
Timing
How quickly can I get a loan for bad credit?
Once your application is complete and approved, and you accept your loan contract, funds are transferred to your nominated bank account as soon as reasonably possible.
*Processing times vary depending on verification requirements, bank systems, time of day, and whether it is a weekend or public holiday. Approval is not guaranteed and is subject to credit assessment.
Four steps
How to apply
Apply in minutes
Or message us on WhatsApp to get started.
We assess
We verify your details and check affordability
Get your offer & e-sign
Clear terms and e-signing, no paperwork
Get your funds
Sent via PayID or EFT, usually the next business day
*Application processing times may vary. Approval is not guaranteed and is subject to credit assessment.
Work it out
Estimate your repayments
*Estimate only. Figures are based on a fixed 12 month term and the fees and interest rate shown under What the loan costs, and are rounded up to the nearest dollar. Your actual repayments will be set out in your loan contract. Approval is not guaranteed and is subject to credit assessment.
What it costs
What the loan costs
Fee breakdown
- Establishment fee
- $400
- Credit check fee
- $8
- Application fee
- $0
- Monthly account-keeping fee
- $0
- Early payout fee
- $0
- Total upfront fees
- $408
- Interest rate
- 47% p.a. fixed Comparison rate 65.48% p.a. based on a $2,500 loan over 24 months.
Dishonoured payment fee
$35 may be charged if you miss a scheduled payment.
Additional fees apply each time a payment is missed or returned unpaid, which can increase your total cost and may extend your loan term.
Loan terms
- Loan amount
- $2,100 – $5,000 $408 in upfront fees apply
- Loan term
- 12 months fixed term
- Repayments
- Weekly, fortnightly or monthly aligned with your pay cycle
- Security
- A motor vehicle registered in your name you keep full use and possession
- Early payout
- Any time, with no payout penalty subject to the terms of your contract
Representative example: Based on a loan of $2,500 over 24 months, a borrower can expect to repay a total of $4,497.96. This reflects a comparison rate of 65.48% p.a. and includes $408 in upfront fees, which are deducted from the amount borrowed at the start of the loan.
WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
*This is a secured loan. If you fail to meet your repayment obligations, your secured asset may be repossessed.
Common questions
Bad credit loan FAQs
Can I apply if I have bad credit?
You can apply. We consider a range of circumstances rather than a credit score on its own, and every application goes through a credit and affordability assessment. Past credit issues may affect the outcome.
Do you offer no credit check or guaranteed approval loans?
No, and it is worth explaining why rather than just saying no.
Responsible lending obligations apply to every credit licensee in Australia. A lender promising approval before assessing you is promising something it is not permitted to deliver.
We also run a credit check on every EquiMax Loan application. A lender advertising “no credit check” while checking credit is making a statement about its own process that is not true.
Treat “guaranteed approval”, “no credit check” and “no refusal” as warning signs rather than features. When you compare lenders, look at the interest rate, the fees, the total amount repayable and what happens if you miss a payment.
Is this a car pawn loan? Can I keep driving my car?
No. This is not a pawn loan. AutoSwift Finance is not a pawnbroker, and you do not hand your car over. The loan is secured by a vehicle registered in your name: a security interest is registered on the PPSR, and you keep full use and possession of the car for the whole loan term.
How much can I borrow?
You can borrow between $2,100 and $5,000, over a fixed term of 12 months. Total upfront fees are $408. The amount offered depends on the credit assessment and on the vehicle offered as security.
What counts as bad credit in Australia?
There is no single definition. Credit reporting bodies hold information such as defaults, missed repayments and credit enquiries, and lenders read that history alongside your current circumstances. We do not set or control your credit score.
Will applying affect my credit score?
A credit enquiry is recorded when you apply for credit. We cannot tell you how a particular credit reporting body will weight it, because that is their methodology rather than ours.
What customers say
Our Google reviews
4.7/5
Lovely help from these guys. Supportive, caring and empathetic of my situation, easy to speak to and extremely professional.
Highly recommended.
Easy and simple. Got my funds with no hassles. The team was with me every step of the way.
Easy process good company to work with they look at you more personally rather than just automatic response.
Important information: This article provides general information only and does not guarantee that any credit application will be approved. Any application is subject to assessment and the applicable eligibility criteria, fees and terms. Please refer to the relevant product information and credit contract for details.
All applications are subject to credit assessment and eligibility criteria. AutoSwift Finance is operated by Koala Enterprises Pty Ltd (Australian Credit Licence 537359).
$2,100 – $5,000 · 12 months · fixed 47% p.a. · $408 upfront
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