Showing results for

Credit Score for Car Loan

Personal loans for

Won’t impact your credit score!
Won't impact your credit score!

Trusted by thousands of Australians

The Morning Show

Types of loans

Big purchase
Debt consolidation

An award-winning experience

Estimate your repayments

Find out how much your repayments and interest rate could be with our calculator.

Enter your loan details


Don’t know your score? Check for free

Estimated monthly repayments


Example interest rate

9.20% p.a.

Comparison rate*

10.58% p.a.

Total charges


Total repayments


It won’t affect your credit score!

Credit Score for Car Loan

There are many reasons why someone has a lower-than-average credit score for car loan. You might have missed a few payments in the past or you may have defaulted on a loan. Others may have simply never had an opportunity to build up a good score. No matter the reason, MONEYME will help you find the best car finance deals for your situation.

A credit score is a numerical representation of an individual’s creditworthiness. This three-digit number is typically used by lenders to assess whether you are eligible for a car loan. This credit score for car loan requirement is based on factors such as financial history, income level, and outstanding debt. At MONEYME, we use a unique car finance check that allows us to customise our car loans to each individual applicant. Thanks to our personalised approach, we’re able to offer the best new car financing deals to people even if they don't have a perfect credit history with a smaller loan.

How does my credit score affect my ability to get a car loan?

At first glance, a credit score may seem like just another abstract number. But behind that number lies a complex picture of your financial life and history and has a significant impact on your car finance approval process. Your credit score for car loan can rule out a wide range of potential lenders and can dictate interest rates, terms, and more.

Lenders want to ensure that they will be paid back for any money that they lend out. To ensure that they will be repaid, lenders perform a risk assessment of potential borrowers. A key part of this assessment is the credit score, which is based on factors such as income level, outstanding debts, account age, and payment history.

When you apply at MONEYME, we take a holistic view of your financial situation. We factor in all aspects of your income and expenses, as well as your credit score, to help you find the best possible car loan finance for you. We’re not bound by the same lending criteria as banks, which means that we’re able to offer a wide range of car finance options to a wider range of people.

What credit score do I require for a car loan?

While there’s no minimum credit score for car loan, the general rule of thumb is that the higher your credit score, the better your chances of securing a loan with favourable terms.

Here’s how this plays out in real life: if you have a very low credit score, you may be limited to only the most high-risk lenders and could end up paying sky-high interest rates and fees. Conversely, an individual with an excellent credit score for car loan may qualify for more favourable terms with lenders that are willing to take on less risk, such as longer repayment periods or lower monthly payments. A lower credit score means that you may face higher loan costs or even be denied a loan altogether.

So before you shop for your next car, it’s important to take a look at your credit score for car loan and understand where you stand. If your score is on the lower end of the spectrum, don’t worry – there are many options for people who have a lower-than-average credit score. 

At MONEYME, we’ll work closely with you to assess your unique situation and find the best car finance options for you.

How to improve credit score for a car loan?

If your credit score is on the lower end, there are a number of things you can do to improve it and potentially qualify for better loan terms. At MONEYME, we don’t believe that your credit score defines you, so we work with our customers to help them build and strengthen their financial profile. And if you’re planning to apply for car finance, here are some tips to help you improve your credit score:

  • Be disciplined about your spending. Avoid making purchases on credit unless you can afford to pay off the full balance each month. Paying off your monthly balances will help to build up a positive repayment history and improve your financial health over time.
  • Avoid taking on new debt. Adding more debt will not only make it harder for you to meet existing financial commitments, but can also negatively affect your credit score.
  • Be mindful of missed payments or late payments, as these can be detrimental to your credit score for car loan. If you’re struggling to make monthly repayments on time, reach out to your lender and let them know – they may be able to provide solutions such as a payment extension or low-interest loan.

Building up a strong credit history takes time, but it’s worth the effort if you’re looking to secure a loan with favourable terms in the future.

At MONEYME, our team of loan experts will work closely with you to assess your unique situation and find the best possible loan option for car loans. Get in touch today to learn more and see how we can help!

Our customers

Credit Score for Car Loan

Transparent and
simple pricing

Interest rate

9.20 %
to 25.20 %

Comparison rate*

10.58 %
to 26.58 %

Establishment fee
(Direct applications)

$395 for loans between $5,000 and $15,000

$495 for loans between $15,001 and $50,000

Monthly fee


Loan terms

Minimum 3 years

Maximum 5 years

Early exit fees


Ready to get

Won’t impact your credit score!
Won't impact your credit score!

Personal Loans are running hot!

55 people in the last 24 hours have applied

Freestyle is running hot!

55 people in the last 24 hours have applied

Debt Consolidation is running hot!

55 people in the last 24 hours have applied