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If you're receiving Pension payments, we'll tailor your car loan to your budget with affordable monthly payments.
Pensioner Car Loans with Money3
Money3 may be able to help you out with car finance when others can't.
If you are receiving a Centrelink pension, you could be eligible1 to get a car loan with Money3. Our pensioner car loans go up to $12,000 and that could be for any vehicle from a motorbike, truck or car to a motorboat or caravan - check out some of the vehicle options below.
If you have other income3, it may be possible to borrow up to $75,000.
Starting the application process is easy, just select the kind of car loan you are looking for and give us a few details. Our friendly team will get back to you as soon as possible.
1. Subject to verification, suitability and affordability
3. Vehicle loans up to $75,000 with Centrelink income less than 50% of your total income.
4. The maximum vehicle loan with 100% of your income from Centrelink is $12,000 for first time customers.
* 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
Don't let financial worries stop you from owning a car.
If you've been refused by other lends, buying a vehicle can be hard. At Money3, we help many Australians on a pensioner's income to get back on the road.
- 01.Submit your pre-approval online
Apply online with easy retrieval of your bank statements.
- 02.We’ll review and get in touch
Once we review your car loan application, we'll reach out via phone or email with next steps to clarify how much you could borrow.
- 03.Pick your car
Either from a dealership or via a private sale — tell us what you'd like to buy, and we can provide you with a quick assessment.
- 04.Drive away
If all goes smoothly, you could be driving away in your next car in 24 to 48 hours.
1. Subject to verification, suitability and affordability
Am I Eligible For a Pensioner Car Loan?
Your pension counts as a source of income, so the amount you receive can contribute to making loan repayments on a car loan. At Money3, we believe in giving everyone a fair go at securing car finance and will look at your financial situation in its entirety.
Even if you have a poor credit history or have had difficulty making loan repayments in the past, we will still consider your loan application for car finance1. Apply today to start the application process and for loan pre-approval and secure your new or used car.
Which Pensioner Types Are Accepted?
Getting your loan approved1 on a pension may be easier than you think with Money3. As long as you meet our basic criteria, and we are happy that the loan is suitable and affordable for you, then we will work with you to get your car (or another vehicle) loan approved as soon as possible.
We will consider the following Centrelink benefits:
- Single Parent Payment
- Aged Pension
- Child Care Benefit
- Mobility Allowance
- Centrelink Pensions
- Disability Support Pension
- Carers Payment Pension
- Veterans Affairs Pension
- Totally & Permanently Incapacitated Pension (T&PI)
- Partnered Parent Payment
We will consider the following benefits with Family Benefits (A & B):
- Jobseeker Payment2
Unfortunately, we are unable to consider the following benefits:
- Youth Allowance
- Abstudy
- Austudy
1. Subject to verification, suitability and affordability
2. When accompanied by Family Benefits (A & B) or when as a low income supplement
* 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
Find a car loan to suit your needs
100% online
With easy bank statement retrieval of your documents, you can apply online in just 5-10 minutes.
Get up to $12,000
We'll match you with the right car loan based on your pension benefits.
Drive away in 48 hrs
Once you're approved and signed your contracts, we can organise payment to the vendor within 48 hours.
How It Works
Applying for a car loan with Money3 is a transparent and straightforward process. We'd like to see you driving away with your new car as soon as possible, and we'll happily consider your loan application even if you're on an aged pension, disability support pension, have a bad credit history, or have other circumstances that might cause other lenders not to lend to you.
If you already have a car or other vehicle in mind or are looking to get pre-approved, so you know how much you could borrow first, we'd like to help. With pre-approval for a car loan in hand, you can shop with confidence, knowing what type of vehicle you can afford.
Your loan pre-approval offer is subject to final approval once you have found your new vehicle. If you are on a pension, as long as your income totals $2,0801 a month or more, that you are an Australian resident, then you are likely to qualify1.
You must:
- Be Over 18 Years Old
- Have Take Home Income or Benefits over $480 a Week1
- Be an Australian Resident
- Get Your Income Paid into Your Bank Account
- Be Employed or Receiving Centrelink payments1
Get started by completing the short form above. Tell us a little about yourself, and we'll take it from there, and we can give you a call back, or you can continue your application, giving us all the information we need to assess your loan pre-approval.
1. Subject to verification, suitability and affordability
3. Vehicle loans up to $75,000 with Centrelink income less than 50% of your total income.
4. The maximum vehicle loan with 100% of your income from Centrelink is $12,000 for first time customers.
* 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
Find car finance that suits every driver.
Need a loan for a used car?
Upgrade your car without breaking the bank. Our used car finance options make it possible.
Dealing with bad credit history?
Don't let bad credit slow you down. Unlike other lenders, we'll give you a fair go.
Centrelink Friendly* Car Loans
Learn more about our car finance options on Centrelink. Your Centrelink income may increase your loan affordability - up to $12,000.
* 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
Why Our Customers Choose Money3
There is a reason Money3 has over 2,000 5-star customer reviews on Trust Pilot. We are known as a lender who listens to its customers, gives them a fair go and for our friendly and helpful team.
At Money3, our car loans for pensioners offer a clear and manageable payment structure, that works for you.
- Pensioner Car Loans up to $12,0001
- Transparent Fees and Charges
- Easy Repayments by Direct Debit
- Fixed and Affordable Repayments
- No Early Termination Fees
- Loan Redraws Available1
Our pensioner car loans could be approved for amounts ranging between $2,000 and $12,000 or up to $75,000 with other income3.
1. Subject to verification, suitability and affordability
3. Vehicle loans up to $75,000 with Centrelink income less than 50% of your total income.
4. The maximum vehicle loan with 100% of your income from Centrelink is $12,000 for first time customers.
Example Pensioner Car Loans Costs Chart
| Borrow | Costs | Repay |
|---|---|---|
| $5,000 | $2,110 | $7,110 |
| 24 months at 16.95% APR & 37.39% Comparison Rate | ||
| $7,500 | $5,043 | $12,543 |
| 36 months at 16.95% APR & 37.39% Comparison Rate | ||
| $10,000 | $7,788 | $17,788 |
| 48 months at 16.95% APR & 32.22% 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. Australian Credit Licence 389067.
Common Car Loan Questions for Pensioners
Yes, if you're receiving Centrelink payments like an aged pension or disability support pension, Money3 will give you a fair go1. Start the application process and enter your details, so we can determine what type of car loan is suitable for you.
Note that Money3 is not affiliated with, or endorsed by, Services Australia. However, we do offer loans to customers receiving benefit payments.
Car loans from Money3 have a fixed rate rather than a variable interest rate. Although the rate won't decrease over the life of the loan, it also won't increase. Fixed interest rates allow you to predict exactly how much the loan will cost.
Centrelink won't directly help you secure a pensioner car loan, and some lenders may not approve your loan application if you are on a Centrelink pension. Money3 will consider car loans for pensioners who are receiving Centrelink payments1.
Money3 is not affiliated with, or endorsed by, Services Australia. However, we do offer loans to customers receiving payments from Services Australia.
Not all applications get credit checked, but if your application looks good, we will check your credit score before giving you pre-approval for a car loan. This may cause an enquiry to be noted in your credit report.
The amount that a pensioner can borrow will vary depending on their overall income and expenses. The loan amounts that pensioners can apply for are determined by their borrowing power and the policies of the lender they choose to engage.
With Money3, pensioners could borrow up to $12,000 as long as they meet our eligibility criteria1, and we can ensure the loan is affordable for them. As a responsible lender, Money3 will only give pre-approval to a car loan we know that our customers are able to afford.
If income from Centrelink is less than 50% of your total income, you may be eligible1 to borrow up to $75,000.
Money3 is a responsible lender regulated by ASIC. Our Australian Credit Licence is 389067.
With a car loan from Money3, it is possible to purchase an old used car. However, there is a maximum km limit of 300,000. The km limit does not apply to diesel vehicles.
Money3 is not affiliated with, or endorsed by, Services Australia. However, we do offer loans to customers receiving Centrelink payments.
Money3 could provide you with a pensioner car loan if you are receiving Centrelink benefits1. Start the application process and enter your details, so we can determine what type of pensioner car loan is suitable for you.
Yes, you can pay back your loan early if you wish, and there is no additional cost for doing so.
At Money3, we know that money trouble never waits for a convenient time to occur and that it can leave you caught out when it comes to making repayments. If you know you won't be able to make your regular payment on time, please contact our team on 1300 014 870, email us at customercare@money3.com.au or see our Member Support page to complete our contact form or learn more.
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
