There is no single credit score cut-off for a car or personal loan in Australia, but a higher score means sharper rates and easier approval.
In Australia, credit scores from the main bureaus – Equifax, Experian and illion – typically range from zero to 1,000 or 1,200 depending on the bureau. The higher your score, the lower the risk you represent to a lender.
As your Perth broker, The Finance Yogi matches your score and situation to the lenders most likely to approve you at a good rate.
Your credit score is a number that summarises your credit history – how you have managed loans, cards and bills. Lenders use it, alongside your income and expenses, to decide whether to lend and at what rate.
Scores are grouped into bands from below average to excellent. A stronger score unlocks the sharpest rates, while a lower score does not necessarily mean no – it may just mean a specialist lender.
Crucially, you can check your own score for free, and knowing it before you apply puts you in control.
A lower score is rarely the end of the road – it just changes which lender is the right fit.
We read the whole picture, not just the number, and match you to a lender who will say yes at a fair rate.
Each application leaves a mark, so making several loan enquiries in a short time can hurt your score. That is another reason to use a broker, who can match you to one suitable lender rather than you applying everywhere.
If a car is your goal, compare it against a broker-sourced loan in our dealer finance vs broker guide.
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After 10 years inside the Big Four banks, I saw how many Perth families missed out or borrowed with the wrong lender. The Finance Yogi exists to change that - we compare the whole market and explain every number in plain English.
There is no fixed minimum, but a score in the good-to-excellent range gives you access to the lowest car loan rates and the widest choice of lenders.
With an average or below-average score, you can still get finance, but the rate may be higher. Specialist lenders focus on these borrowers, and we know which ones offer the fairest terms.
Plan ahead: estimate your repayments at different rates with our car loan calculator, so you know your budget before you apply.
Yes. A low score narrows your options but does not close the door. Specialist and non-bank lenders assess the full story – your income, stability and the reason behind any past issues – not just the number.
Securing the loan against the car (as with most car loans) also helps, because the lender has an asset to fall back on.
We match lower-score borrowers to lenders who will approve them fairly. See the full service on our car loan broker Perth page.
If you have time before applying, a few simple steps can lift your score. Pay every bill and repayment on time, reduce credit-card limits and balances, and avoid making multiple applications at once.
We can also review your credit file with you, spot any errors worth disputing, and time your application for when your score is strongest.
Once your score and budget are ready, we find the right lender. Explore our car and personal loan service, or browse all our finance services.
Book a free, no-obligation chat and we will match you to a lender that suits your situation.
Source: credit score and credit report guidance from ASIC MoneySmart. Confirm your current score with a credit bureau before applying.
