How Can I Qualify for a Car Loan?
Applying for and getting a car loan is a transparent and straightforward process with Money3. We aim to see you driving away with your dream car as soon as possible, and will consider your application even if you’re on Centrelink benefits*, have a bad credit history or have been turned away from lenders before
Qualifying for a Car Loan
To simplify your application process, it may be helpful to learn about our car loan requirements. Below are the basic requirements1 you may need to meet when applying for car finance with Money3.
1. Be Over 18 Years Old
You need to be 18 years old and over to apply for a car loan with Money3. This is a requirement by Australian law.
2. Have Take-Home Income or Benefits
You’ll need to have take-home income or Centrelink benefits of over $480 per week. This may include income from employment, Centrelink benefits*, pension payments and other sources. Our car loans are also available to self-employed workers, who can demonstrate consistent regular income.
For all applicants, we recommend being as honest as possible in your car loan application and avoiding heavy gambling.
3. Be an Australian Resident
Money3 offers loans to Australian residents and citizens. We offer both secured car loans and unsecured personal loans.
4. Be Paid Income into Your Bank Account
We will need to see your most recent banking activity and request your latest 90 day bank statements.
5. Be Employed or Receiving Centrelink Payments*
You will need to provide proof of employment or Centrelink payments* to qualify for a car loan1. This is to ensure that the loan is affordable for you and that you can comfortably make your weekly, fortnightly or monthly repayments.
1. Subject to verification, suitability and affordability
* Money3 is not affiliated with, or endorsed by, Services Australia, but does provide personal loan and vehicle finance options which are available to recipients of benefit payments
5. This information is general in nature and is for information purposes only. It is not financial advice.
Car Loan Requirements - Frequently Asked Questions
What you need for a good car loan depends on the lender you work with. Different lenders have varying car loan requirements, although most require you to be 18 years and older, have Australian residency, and provide proof of your income.
Money3’s lending criteria is simple and straightforward, and we’ll explain our requirements in detail when guiding you through our car loan application process.
Your eligibility for a car loan depends on whether you meet the relevant car loan requirements. At Money3, we believe in giving everyone a fair go, even if you’re on Centrelink income*, have a poor credit history or have been turned away by lenders previously.
Also see our article on getting a loan when receiving Centrelink benefits.
Money3 is not affiliated with, or endorsed by, Centrelink. However, we do offer loans to customers receiving Centrelink payments.
There is no absolutely required credit score when applying for a car loan. Money3 may consider your application even if you have had a bad credit score in the past. We will take your financial situation into account when considering your application.
1. Subject to verification, suitability and affordability
* Money3 is not affiliated with, or endorsed by, Services Australia, but does provide personal loan and vehicle finance options which are available to recipients of benefit payments
Car Loans We Offer
Car Loans
Money3 will give you a fair go. Our car loans go up to $75,000 and can finance both new and used cars, as private sales or from dealerships.
Used Car Loans
Our car loans are available for used and second-hand cars. Whether you’re interested in a private sale or dealership, Money3’s used car loan could help you purchase your dream car.
Car Loans on Centrelink*
You can apply for a car loan with Money3, even if you are receiving Centrelink payments*. We believe in giving everyone a fair go, including those who are on Centrelink benefits.
Bad Credit Car Loans
At Money3, we’ll consider your car loan application, even if you have bad credit history. Our car loans finance up to $75,000 and are catered to your financial situation.
Small Car Loans
If you’d like finance for a small car, let Money3 help. Our small car loans can help you purchase your dream vehicle and get you one step closer to driving your dream car.
Car Repair Loans
Personal loans are available, up to $30,000 for car repairs and upgrades with Money3 - we'll give you a fair go!
* Money3 is not affiliated with, or endorsed by, Services Australia, but does provide personal loan and vehicle finance options which are available to recipients of benefit payments
Related Articles
Also check out the related articles below:
How to Get a Car Loan
If you’re looking to learn how to get a car loan, we’ve got you covered. This guide breaks down the four basic steps, from understanding loan criteria to loan pre-approval.
What is a Secured Car Loan?
A secured car loan is a secured personal loan, where the lender has security over your vehicle, while the vehicle is being financed.
10 Tips for Bad Credit Loan Approval
Bad credit loan tips and practical strategies to improve your chances of approval with lenders.
