1 SEPTEMBER 2022

How Can I Qualify for a Car Loan?

Car Loans
3 min read

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

Sienna
Sienna Cowles
Marketing Analyst
Couple buying a car in a dealership

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 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

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.

Money3 is not affiliated with, or endorsed by, Centrelink. However, we do offer loans to customers receiving Centrelink payments.

There is no absolute 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

At Money3, we offer a wide range of car loans of up to $75,000. Provided that you meet our car loan requirements, we will consider your application even if you have a bad credit history, are on Centrelink income*, or have been turned away by lenders before.

* 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?

secured car loan is a secured personal loan, where the lender has security over your vehicle, while the vehicle is being financed.