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There are a few reasons why single parents might find it difficult to access car finance. As single parents rely on a sole income, they may not meet the financial requirements set by lenders. Their income may not be sufficient because they work part-time in order to take care of their children, or they may receive Centrelink payments. These financial constraints may also mean they are in debt, making it more difficult for them to be approved for a car loan.
As well, some lenders may not take into consideration what you may receive from Centrelink. Most of the time you’ll need a supplementary income to support your car loan application.
| Loan type | Loan amount | Interest rate | Eligibility criteria | Find out more |
|---|---|---|---|---|
| Secured car loan | $3,000 - $100,000 | 4-13% p.a. |
| More |
| Short-term loan | $100 - $2,000 | 24% per $100 borrowed |
| More |
| Centrelink loan | $100 - $10,000 | Varies |
| More |
| NAB StepUP | $800 - $3,000 | 5.99% p.a. |
| More |
| No Interest Loan Scheme | $300 - $1,200 | 0% |
| More |
While you may feel you have limited options when it comes to car loans, it’s still important to compare what options you have available to you to ensure you get opt for the best one for you.
When comparing your car loan options, make sure you check the reputability of the lender. Some lenders may claim to help single parents with car loans, but then charge you extremely high fees and rates that can make it difficult for you to manage your day-to-day finances. If you’re unsure of your eligibility with a certain lender, it might be worth talking to them first to avoid having too many credit applications on your credit file.
To apply for a car loan you can compare your options using the comparison tables on this page and across the rest of finder.com.au. Once you’ve found a loan, make sure you check the eligibility criteria to see what your chances are of being approved. Then you can simply click "Go to Site" to be directed through to the lender’s online application form where you can provide your personal and financial details and wait to see if you’ve been approved.
As a single parent, it's important to call a few lenders to discuss your eligibility first. Applying too many times can affect your credit history and make you appear less appealing to lenders.
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Hi,
Just wondering if I can go for a car loan. I just recently moved from Queensland to Northern Territory.
Hi Tanya,
Thank you for getting in touch with Finder.
Even if you have just recently moved, as long as you meet the financial requirements set by lenders – let’s say Centrelink payments, that should be fine. In addition, a supplementary income is helpful to support your loan application. On this page, you’ll see a table with the list of banks/lenders that you may apply for a car loan. It is best to check the eligibility criteria to see what your chances are of being approved.
Please note that it’s important to call a few lenders to discuss your eligibility first. Having too many credit enquiries through multiple applications in a short period of time can affect your credit history and make you appear less appealing to lenders.
I hope this helps.
Please feel free to reach out to us if you have any other enquiries.
Thank you and have a wonderful day!
Cheers,
Jeni
I’m single mother with 4 kids Centerlink is my main income and I also receive child support,I have $7000 saved in my bank to help with purchasing a car,would I be able to get finance for a car worth between 20,000 to $25,000,
What would be best option
Hi Ems,
Thanks for your inquiry and welcome to Finder.
Since you’re on Centrelink payments, most lenders would require you to have an additional source of income to support your loan application.
Nonetheless, though we’re not sure if you’ll be approved for a loan or not, as a single parent, your options would either be secured personal loan, unsecured personal loan, or a payday loan.
Hope that helps.
Cheers,
May
I am a single mother of 3 on a single parenting payment from Centrelink, am I able to get a loan for a car I have someone who is willing to go guarantor for me on a loan
Hi Trish,
Thanks for your question.
You can find lenders that consider Centrelink applicants which includes short-term lenders and banks), you can also find a guide on guarantor personal loans, our guide on joint application personal loans.
You can select the “Go to site” button of your preferred lender to proceed with your application. You can also contact the provider if you have specific questions. A gentle reminder, please ensure to read through the relevant product disclosure statement and terms and conditions to ensure that you got everything covered before you apply.
I hope this information will be of use.
Thanks,
Elizabeth
Wondering if a singel mothers with two children can apply for a car loan.
Hi Charlena,
Thanks for your question.
If the source of your primary income is not from Centrelink and you are currently employed, then you may be eligible for most loans featured on this page.
It’s advisable that you get in touch with a few of the lenders first to discuss your options and eligibility.
Cheers,
Shirley