Credit Concierge is a broker and can help you find hundreds of vehicle loans, including
- secured car loans
- personal loans (or unsecured car loans)
- caravan loans
- boat loans
- truck loans
- loans for commercial equipment.
The Queensland-based broker connects Australians to more than 30 banks, including the big four, and non-bank lenders of different sizes.
Customer support is offered over the phone, online and through the post.
The broker has car loans for personal and business customers.
Pros and cons
- Can apply online
- No charge to the consumer
- Secured and unsecured car loans available
- Variable rate loans not available
- Cannot apply in branch
Car loan repayment calculator
Thinking about taking out a car loan with Credit Concierge? Use our car loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how Credit Concierge car loans compare with other options.
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Features of a Credit Concierge car loan
Credit Concierge can help you find secured and unsecured car loans suitable for buyers looking for a new and used vehicles. This broker may not suit borrowers require face-to-face customer service.
You may be able to borrow the full value of the car you are buying and pay it off over a minimum loan term of 12 months and a maximum loan term of seven years.
Credit Concierge only finds you fixed rate loans, so it may not suit people looking for the flexibility of variable rate loans.
While there are no direct costs to use Credit Concierge as a consumer, make sure you know what fees the lender may charge you before committing to the loan.
Borrowers can choose to reduce their regular repayments by paying a one-off lump sum at the end of the loan. This is known as a ‘balloon payment’.
Credit Concierge car loans – customer service
Customers can contact Credit Concierge by phone, online enquiry, live chat, email or post. Its phone line is in operation from 8am to 6pm (AEST) on weekdays, and 9am to noon on Saturdays.
Who is eligible for a Credit Concierge car loan?
- Must be over the age of 18.
- Must be a permanent resident of Australia.
- There may be other minimum requirements, depending on the lender.
How to apply for a Credit Concierge car loan?
You can get an indicative quote from Credit Concierge and apply for a car loan with them through their website. Applications may take about five minutes on the phone or 10 minutes online.
To apply online:
- On the Credit Concierge website, fill out the quote estimator form and click ‘Get your free quote’.
- Review your estimated quote and repayments.
- Submit an application.
- In most cases, you should receive approval one hours after Credit Concierge has received any required documents.
Credit Concierge car loans review
Credit Concierge provides borrowers a range of car loans with different lenders. You may want to use Credit Concierge if you like having a broker help you out and to access loan options not always available on the open market.
Credit Concierge may suit everyday borrowers, self-employed borrowers, those on a learner’s licence and bad credit borrowers.
Customers may borrow the full amount of the vehicle value, with a maximum term of seven years.
It doesn’t cost the consumer to use Credit Concierge. However, the lender you are connected with may charge several fees, including an establishment fee and monthly fees, as well as potential other fees.
The interest rate you can get at Credit Concierge may vary and will depend on the lender, the customer’s financial situation and credit history. But its rates are relatively competitive on the market, especially if you have a good credit record.
It’s a good idea to compare interest rates, fees and features from several different lenders before deciding which car loan is the best one for you.
Learn more about car loans
Can I get a no credit check car loan?
You may be able to get a no credit check car loan in certain circumstances, although it’s important to weigh up your options before doing so.
Most lenders refuse to provide no credit check car loans, because they don’t want to give loans to borrowers without first confirming that they have a track record of repaying debts. So any lenders that do provide no credit check car loans would take measures to protect themselves against the risk of default.
That’s why no credit check car loans have higher interest rates than other car loans. Also, borrowers often have to provide security and put down a larger deposit.
What is a bad credit car loan?
A bad credit car loan is a car loan for borrowers who have ‘bad credit’ or a bad credit history.
Some lenders refuse to offer bad credit car loans, because they believe there is an excessive risk that bad credit borrowers will not repay their loans. However, other lenders are willing to provide bad credit car loans.
Generally, these lenders charge higher interest rates for bad credit car loans than ‘prime’ car loans, reflecting the higher level of risk. Bad credit car loans may also have higher fees than prime car loans.
However, the big advantage of a bad credit car loan is that it allows borrowers with bad credit to access finance. Another advantage is that it could help bad credit borrowers improve their credit rating, assuming they make all their repayments on time.
Can I get a car loan with bad credit?
Yes, you can get a car loan with bad credit, although you’ll probably find the process trickier and dearer than that experienced by people who have good credit histories.
You can find a number of lenders that specialise in bad credit car loans. However, make sure you compare bad credit car loans before you sign on the dotted line, because not all car loans are alike and having bad credit may mean you are more likely to be hit with higher fees and interest rates.
If you have bad credit, it’s important not to take out a car loan unless you can afford the repayments because a default could further damage your credit rating. Conversely, if you make all the repayments and repay the loan successfully, your credit rating might improve.
Do I need good credit to get a car loan?
You don’t need good credit to get a car loan, although the worse your credit history, the harder and more expensive it’s likely to be.
Some lenders will do business only with borrowers who have good credit. However, there are other lenders that are willing to offer car loans to borrowers who don’t have good credit. The catch, though, is that they may charge higher interest rates and fees, and also require more paperwork.
If you don’t have good credit and want a car loan immediately, you can search for lenders that work with bad credit borrowers. If you are able to wait, you can work to improve your credit score and then apply for a car loan once you have good credit.
Where can I find lenders who offer no credit check car loans?
You might be better off finding a specialist lender who will look at your credit history and income, who will decide whether or not you are able to responsibility pay back the loan. Alternatively, you could contact a car finance broker.
Where can I find lenders who offer no credit check car loans?
One thing to bear in mind is that lenders who offer no credit check car loans are likely to charge higher interest rates and higher fees than on car loans that include a credit check. Also, lenders who no credit check car loans might expect you to pay a higher deposit. You might also be expected to provide security.
Lenders regard no credit check car loans as riskier than other car loans, which is why it’s a niche product that often features special conditions.
Who provides bad credit car loans?
Lenders that provide bad credit car loans tend to be smaller challenger lenders rather than the bigger banks.
Bad credit car loans are a niche product. The bigger banks tend to focus on mainstream car loan finance for borrowers with better credit histories. That’s why smaller lenders tend to be the ones that provide bad credit car loans.
Bad credit car loans can have high interest rates and fees, so it’s important to compare options before submitting an application.
Do low interest no credit check car loans exist?
Some companies will advertise no credit check car loans, however under the Australian National Consumer Credit Protection act, credit checks are required by all responsible lenders, so such lenders are likely to have high interest rates. Depending on your income and credit history, you may qualify for a low interest StepUP loan from Good Shepherd Microfinance.
Are bad credit car loans legit?
Bad credit car loans are legit, although not all lenders and products are created equal.
Some car loan lenders refuse to do business with borrowers who have bad credit histories, but there are others that are willing to provide bad credit. There is a catch, though: some bad credit lenders are disreputable, while some bad credit loans have extremely high interest rates and fees.
That’s why it’s important to do your research and compare bad credit car loans before you submit an application.
Can I get a no credit check car loan?
Even if you have bad credit or no credit history there are loans that are available to you through specialised lenders. Some lenders in Australia advertise car loan offers without running credit checks, however, the Australian National Consumer Credit Protection act requires lenders to loan money responsibly, so credit checks are normally required by all responsible lenders.
Can I get a car loan with poor credit?
Poor credit doesn’t necessarily mean you won’t be able to get finance for your car purchase, though your options aren’t likely to be the same as someone with good credit.
In fact, a number of specialist lenders exist offering car finance for customers with poor credit, able to provide access to bad credit car loans.
However having a history of poor credit will likely mark you as a potential risk to lenders, so your car financing needs could see higher fees and interest rates. Alternatively, consider a secured car loan, which is a type of loan that uses the car you purchase as collateral, reducing the risk.
Other options include getting someone close to act as a guarantor for your car loan, or to talk to a broker about a personalised rate specific to your circumstances.
What is a credit score?
Your credit score is a number that represents how credit-worthy you are. The higher your credit score, the more credit-worthy you are and the more likely you are to receive loans from credit providers.
There is no industry standard for credit scores – different credit reporting bodies use different methodologies. For example, Equifax gives consumers scores between 0 and 1,200; Illion (through the Credit Simple service) gives scores between 0 and 1,000; and Experian gives scores between 0 and 999.
When it comes to car loans, lenders tend to offer lower interest rates to borrowers with better credit score. There are steps you can take to improve your credit score, including paying bills on time and paying off existing loans.
What is a guarantor on a car loan?
A guarantor on a car loan is a third party, usually a relative or friend, who guarantees to meet the repayments of a loan for the purchase of a car, if the borrower/owner of the car defaults on the loan.
Guarantor car loans can be useful for people who would otherwise struggle in being accepted for credit to purchase a vehicle. These may include people with bad credit, students and young people who may have no credit history, as well as some pensioners.
Many lenders offer guarantor car loans, guarantor personal loans and guarantor home loans, because of the significantly reduced risk to the lender.
Can you get a chattel mortgage with bad credit?
Getting approval for a chattel mortgage with bad credit may be possible, given ‘chattel’ (usually a piece of equipment or car) is put up as security for the loan. That means if you fail to repay the loan, the creditor can recover the loaned amount by repossessing and selling the car or piece of equipment. This differs from unsecured car loans, where the asset is not tied to the loan and cannot be taken if you don’t meet the repayments.
How to get a chattel mortgage?
Both businesses and individuals may use a chattel mortgage, provided that the car is being used predominantly for business purposes.
To apply for a chattel mortgage, you need to first consider your options and choose a suitable lender that meets your requirements. Once you have selected a lender, you can apply for the loan online by filling out a form. If the lender doesn’t offer an online application process, you can either call them or visit their nearest branch.
After you’ve applied, the lender will ask you to supply documents that confirm your identification, income, job profile, etc. If everything is in order, most lenders will arrange the loan’s settlement, so all you need to do is pick up your car!