Bad credit history
Is There a Best Time of Year to Get a Bad Credit Car Loan?
At Zoom Car Loans, we work with Australians every day who are looking for a fresh start on the road, even if their credit history isn’t perfect.
One of the questions we hear often is, “Is there a best time of year to get a bad credit car loan?”
The short answer: timing can make a difference – but the right time is more about your readiness than the calendar.
That said, there are certain times of the year when securing a car loan, especially with bad credit, can be a little easier or potentially offer better value.
1. End-of-Financial-Year (EOFY) Sales
Late May through June is a prime time for car buyers. Dealerships are eager to clear stock before June 30 to meet sales targets and reduce tax liabilities.
This means you might secure a better deal on the car itself, and when you pay less for the vehicle, you may need to borrow less, which can make loan approval more achievable if your credit score is low.
2. End-of-Quarter Pushes
Dealerships and lenders often have quarterly sales targets. The end of March, June, September, and December can see extra motivation from sellers to move vehicles.
If we can match you with a lender during these periods, you may find a little more flexibility in pricing or terms.
3. New Model Releases
When manufacturers release the next year’s model (often around September – November), dealerships look to clear out the current year’s stock.
This can lead to significant discounts on perfectly good vehicles, which can lower your required loan amount. The smaller the loan, the better your chances of approval with bad credit, and the less interest you’ll pay over time.
4. After You’ve Taken Steps to Improve Your Credit
While certain sales seasons help, the best time for you personally might be when you’ve done some groundwork.
This could mean paying down a small debt, correcting an error on your credit report, or saving for a bigger deposit.
At Zoom Car Loans, we can help you assess where you’re at and even guide you on improving your approval odds before you apply.
5. When Interest Rates Are Stable or Dropping
The lending market changes throughout the year, and interest rate movements can affect your repayments.
Keeping an eye on Reserve Bank announcements – or letting us do it for you – can help you pick a time when rates are more favourable.
Is There a Best Time of Year to Get a Bad Credit Car Loan?
The right time of year can help you save money and improve your approval chances, but it’s not the only factor.
Your financial readiness, the vehicle price, and the lender match are just as important – if not more so.
At Zoom Car Loans, we specialise in finding the right lender for your situation, any time of year. Whether it’s EOFY or the middle of February, our team is here to get you behind the wheel sooner, with a finance option tailored to your circumstances.
Need help today? Get in touch with Zoom Car Loans and let’s find the right car loan for you – bad credit and all.
