Borrow up to $75,000 towards your next vehicle purchase when less than 50% of your regular income is from Centrelink payments. If 100% of your income is from Centrelink and you’re a first-time customer, you could access up to $10,0001.
Getting a car loan on Centrelink payments could be easier than you think with Money3. We believe in giving everyone a fair go and will consider applications for finance whether you receive some or all of your income via Centrelink payments.
Just complete the quick form above to start the application process. All we need is a few simple details about you and your finances, so we can work with you to deliver a reasonable and affordable car loan.
Money3 makes the whole process quick and easy. We provide full transparency on the total amount you can borrow and how much your regular repayments will be. If we determine the loan is reasonable based on your finances, we can give you a loan pre-approval which you can use to buy a new car, motorbike, truck, caravan, or any other type of vehicle.
1. Subject to verification, suitability and affordability
Have you ever found a car you like, only to be disappointed when you can’t get a big enough loan to afford it? You can avoid this frustrating situation with loan pre-approval from Money3.
Loan pre-approval lets you know what kind of vehicles you can afford to purchase before you start shopping. Money3 will tell you how much you could be eligible to borrow based on your financial circumstances1, allowing you to shop with confidence, knowing what vehicles are within your price range.
When you find the right vehicle, we can finance the purchase, providing everything checks out1.
1. Subject to verification, suitability and affordability
If you receive government benefits, like family tax benefit or Centrelink pensions, you could apply for a car loan on Centrelink from Money31. As a responsible lender, Money3 will only approve you for a car loan if we are confident it will be affordable and reasonable given your current finances.
To be eligible for a car loan, you must:
1. Subject to verification, suitability and affordability
| Borrow | Costs | Repay |
|---|---|---|
| $5,000 | $2,110 | $7,110 |
| 24 Months at 16.95% APR & 37.39% Comparison Rate | ||
| $7,500 | $5,042 | $12,542 |
| 24 Months at 16.95% APR & 37.79% Comparison Rate | ||
| $10,000 | $6,247 | $16,247 |
| 36 Months at 16.95% APR & 35.44% Comparison Rate | ||
|
EXAMPLE: A platinum unsecured personal loan of $5,000 for 24 months has fees and charges totalling $2,109.60 and a total repayment of $7,109.60. The Minimum loan term is 12 months and the Maximum term 24 months. The term will be 24 months if you repay monthly, 52 fortnights or 104 weeks. The Maximum APR is 16.95%. The Comparison Rate, based on a loan of $5,000 over two years, is 37.39%.
EXAMPLE: A platinum secured personal loan of $25,000 for 60 months has fees and charges totalling $14,850.43 and a total repayment of $39,850.43. The Minimum loan term is 24 months and the Maximum term 60 months. The term will be 60 months if you repay monthly, 130 fortnights or 260 weeks. The Maximum APR is 13.95%. The Comparison Rate, based on a loan of $25,000 over five years, is 20.38%. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Please Note: Advertised costs and repayments have been rounded up to the nearest dollar amount, so costs may be slightly cheaper in most cases. |
||
| Borrow | Costs | Repay |
|---|---|---|
| $5,000 | $2,521 | $7,521 |
| 24 Months at 22.95% APR & 43.88% Comparison Rate | ||
| $7,500 | $6,017 | $13,517 |
| 24 Months at 22.95% APR & 44.03% Comparison Rate | ||
| $10,000 | $7,534 | $17,534 |
| 36 Months at 22.95% APR & 41.71% Comparison Rate | ||
|
EXAMPLE: A silver unsecured personal loan of $5,000 for 24 months has fees and charges totalling $2,520.67 and a total repayment of $7520.67. The Minimum loan term is 12 months and the Maximum term 24 months. The term will be 24 months if you repay monthly, 52 fortnights or 104 weeks. The Maximum APR is 22.95%. The Comparison Rate, based on a loan of $5,000 over two years, is 43.88%.
EXAMPLE: A silver secured personal loan of $25,000 for 60 months has fees and charges totalling $20,883.12 and a total repayment of $45,883.12. The Minimum loan term is 24 months and the Maximum term 60 months. The term will be 60 months if you repay monthly, 130 fortnights or 260 weeks. The Maximum APR is 19.95%. The Comparison Rate, based on a loan of $25,000 over five years, is 27.39%. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Please Note: Advertised costs and repayments have been rounded up to the nearest dollar amount, so costs may be slightly cheaper in most cases.> |
||
| Borrow | Costs | Repay |
|---|---|---|
| $5,000 | $2,661 | $7,661 |
| 24 Months at 28.00% APR & 46.04% Comparison Rate | ||
| $7,500 | $6,352 | $13,852 |
| 24 Months at 28.00% APR & 46.12% Comparison Rate | ||
| $10,000 | $7,977 | $17,977 |
| 36 Months at 28.00% APR & 43.82% Comparison Rate | ||
|
EXAMPLE: A bronze unsecured personal loan of "5,000 for 24 months has fees and charges totalling 2,660.80 and a total repayment of $7,660.80. The Minimum loan term is 12 months and the Maximum term 24 months. The term will be 24 months if you repay monthly, 52 fortnights or 104 weeks. The Maximum APR is 24.95%. The Comparison Rate, based on a loan of $10,000 over three years, is 46.04%.
EXAMPLE: A bronze secured personal loan of $25,000 for 24 months has fees and charges totalling $25,625.34 and a total repayment of $50,625.34. The Minimum loan term is 24 months and the Maximum term 60 months. The term will be 60 months if you repay monthly, 130 fortnights or 260 weeks. The Maximum APR is 24.95%. The Comparison Rate, based on a loan of $25,000 over five years, is 32.59%. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Please Note: Advertised costs and repayments have been rounded up to the nearest dollar amount, so costs may be slightly cheaper in most cases. |
||
Car finance on Centrelink works the same way as other car loans but is open to those in receipt of Centrelink payments who other lenders would typically reject. Money3 believes in giving everyone a fair go1 and considers all income sources when determining the suitability of a loan. We care about whether the loan is affordable based on your ability to repay it comfortably and won’t reject your application solely because you receive government benefits.
No, unfortunately, you cannot. Money3 will consider all Centrelink benefits except for Abstudy, Austudy and Youth Allowance payments.
If your income is a mix of work earnings and Centrelink payments, and we consider the loan affordable, you could potentially borrow up to $75,000 from Money31. If you are a first-time Money3 customer and more than half of all your income comes from Centrelink payments, then you will be limited to a maximum of $10,000.
Yes, if you are a continuing or past Money3 customer, you could potentially borrow more than $10,000 even though most of your income is from Centrelink payments1. With that said, we will still need to carefully review your financial circumstances to ensure that the car loan will be affordable for you before it can be approved.
Your regular repayments for the car loan will depend on how much you borrow and how long the loan term is. Use our car loan calculator to get an idea of what your repayments could be if approved for a loan.
Our simple application process means that all the info you need should be easily accessible. The basic information we require from you includes your address, contact details, and some details of your regular expenses (such as monthly bills). Confirming your driver’s license will speed up the process but is optional. As part of our obligations as a responsible lender, we also need to get 90 days of bank statements from you, which you can provide securely online in a few minutes.
No, you don’t need to provide any collateral. The vehicle you purchase will act as security for the loan.
No, you don’t need a deposit, but it can help you get a higher value vehicle when you combine it with your car loan pre-approval.
Yes, we don’t place any restriction on where you find the vehicle. Private sales and dealerships are OK.
Yes, with Money3, you could. We’ll look at the entirety of your financial circumstances to work out whether a car loan for your desired amount is affordable. We are adept at providing car loans and other types of finance to those with unique financial situations. Regardless of your credit score or source of income, we’ll give you a fair go1. Learn more about Pensioner Car Loans.
Money3 believes in a fair go for everyone who wants to apply for finance. We take a flexible approach to lending that enables us to provide loans to people that are typically refused finance by other lenders1. When they apply, we consider the entirety of a customer’s financial circumstances and won’t reject them solely because they receive government benefits or have a low credit score.
Money3 is a responsible lender regulated by ASIC. Our Australian Credit Licence is 389 067.
1. Subject to verification, suitability and affordability
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Call us on 1300 014 870.
