Car Loans for Pensioners
Living off pension payments can make day-to-day life a little bit challenging, but it shouldn’t prevent you from owning a vehicle. You’ll be glad to know that many people are able to secure a reasonable car loan even when their primary or only source of income exists in the form of Centrelink benefits. This means you can get back on the road and on with your life – without the constant hassle of relying on public transport or constantly asking friends and family members to give you lifts.
In this blog post, we look at what kind of pensions can be eligible for a car loan approval, how to go about organising your loan, why doing this successfully is so important, and how our team at Zoom Car Loans can make this easier for you. Zoom can offer a car loan pension payments won’t affect.
Do I Have a Chance of Getting Approved for a Loan?
In many cases, the answer is yes. For example, at Zoom Car Loans we are generally able to get 9 out of 10 applications approved. This includes loans for pensioners as well as bad credit car loans.
We are often able to create positive outcomes for people on a variety of benefit types, including:
- Disability Pension
- Carer’s Pension
- Aged Pension
- Family Benefit Tax A and B
- Partnered Parenting Payments (i.e. when one parent is working)
With that said, however, it’s important to note that not all pension types are eligible. We can’t guarantee a successful application for you without knowing the exact details of your situation and sources of income. If your circumstances are complex or you’re not sure if you would be accepted, please don’t hesitate to contact us for a no-obligation chat and some expert guidance. Our team has worked on many applications for people with various pensions, so we have experience and intuition in recognising who will and won’t be approved.
Keep in mind that any defaults, bad credit or blemishes on your credit history will also be taken into consideration; receiving an eligible Centrelink payment won’t necessarily guarantee the success of your loan application.
How to Get a Car Loan as a Pensioner
Firstly, you need to face facts: there are a large number of banks and financial institutes that aren’t going to approve your loan. As soon as they see the word pension or Centrelink, they’ll move you into the risky pile (or straight into the rejection pile), even if they don’t say so right to your face.
With this in mind, it’s often easier – and less frustrating – to go directly to loan brokers that work specifically on car loan applications for pensioners and other people facing financial adversity. After all, you already have plenty of things on your plate, so the last thing you need is to waste time going from bank to bank without getting any results.
Once you have a professional broker on your side, the best thing you can do to improve your chances is to keep and organise your financial history as accurately and completely as possible. This means holding on to all your payslips and pension statements, which makes it simpler for your broker to understand your situation and use this knowledge to pursue the most appropriate financial product for you. If you have an additional source of income on top of your pension, try to also keep up-to-date records of this as it will help a great deal when applying for a loan.
A Successful Car Loan Can Change Your Life
If you’re feeling a bit overwhelmed by the process of applying for a car loan while on a pension, keep yourself motivated by remembering the end result you’re aiming for. Being able to purchase a vehicle is a big achievement and could substantially improve your life. This is particularly true if:
You need a car for getting to and from work, school or other commitments
You live in a location where public transport is infrequent or unavailable
You are applying for jobs that would require you to travel
You currently feel that your independence is hindered by not having a vehicle.
The ability to transport yourself and your family from place to place at any time is something many people take for granted. This makes the moment when you hold those new car keys for the first time even sweeter.
At Zoom Car Loans, we believe every Australian deserves to experience this sensation. Whether you are a pensioner or just someone who has made some financial mistakes in the past, you should have access to the right financial assistance to secure a vehicle – especially if doing so could improve your quality of life.
How Zoom Car Loans Can Help You
Car loan applications for pensioners are one of our specialities at Zoom Car Loans. We’ve assisted many clients with securing the vehicle finance they need despite being on Centrelink payments. We also have a strong reputation for helping people secure bad credit car loans – another key area we focus on.
Our excellent success rate can be attributed to several factors. Key amongst them is the fact we work with lenders to create products that have flexible terms and repayments – ones that actually suit your circumstances and income. We can often secure fixed-rate low-repayment options as well; we realise this is often the ideal arrangement for our clients who are receiving a pension or those who have bad credit.
We also make things easier for our clients through our speedy turnaround time (most of our applications are approved within 24 hours) and the freedom we give you to purchase your vehicle from anywhere in the country (through a dealer or a private sale).
The Zoom Car Loans application process is incredibly quick and easy – it only takes about 2 minutes! Simply click here to access our application form so we can get started. Alternatively, if you have any questions or need some help with your application, feel free to call our friendly team on 1300 138 273. We’d be more than happy to talk you through the process or discuss any concerns you might have.