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LenderCar LoanInterest Rate Comparison Rate* Monthly Repayment Interest Type Vehicle Type Maximum Vehicle Age Ongoing Fee Upfront Fee Total Repayment Early Repayment Instant Approval Online Application TagsFeaturesLinkCompare
6.24% p.a.
7.36% p.a.
$916
Variable
New
1 year
$8
$400
$32,973
Featured
  • Available for purchasing new and demo vehicles
  • $5,000 to $150,000 loan amount
  • Redraw facility available up to $5000/day
  • Required: Good credit history, stable employment history. Aus citizenship or PR.
6.57% p.a.
7.19% p.a.
$920
Fixed
New
No Max
$0
$250
$33,135
Featured Loan amounts from $2k to $75k
  • Available for any new motorised vehicle
  • No ongoing or early exit fees
  • 1-7 years loan terms. Pay monthly, fortnightly, or weekly
  • Get quick decision. Funds in 24 hrs if approved
6.49% p.a.
6.84% p.a.
$919
Fixed
New, Used
7 years
$0
$250
$33,096
7.09% p.a.
8.21% p.a.
$928
Fixed
New
1 year
$8
$400
$33,392
Approval within 24 hoursEarly payout available
  • Required: Good credit history, stable employment history. Aus citizenship or PR.
7.24% p.a.
8.36% p.a.
$930
Variable
New
1 year
$8
$400
$33,466
7.29% p.a.
8.41% p.a.
$930
Fixed
New
1 year
$8
$400
$33,491
8.49% p.a.
9.38% p.a.
$947
Variable
New, Used
No Max
$13
$0
$34,088
9.49% p.a.
10.82% p.a.
$961
Fixed
New, Used
No Max
$9
$474
$34,591
7.74% p.a.
8.85% p.a.
$936
Variable
Used
3 years
$8
$400
$33,714
APPLY ONLINE
  • Unlimited extra repayments
  • Flexible repayment options
  • Required: Good credit history, stable employment history. Aus citizenship or PR.
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Important Information and Comparison Rate Warning

All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here.

The comparison rates in this table are based on a loan of $30,000 and a term of 5 years unless indicated otherwise. The comparison rates for car loans and secured personal loans for the relevant amounts and terms are for secured loans unless indicated otherwise. The comparison rates for unsecured personal loans are applicable for unsecured loans only. 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. Comparison rates are not calculated for revolving credit products.

Monthly repayment figures are estimates only, exclude fees and are based on the advertised rate for the term and for the loan amount entered. Actual repayments will depend on your individual circumstances and interest rate changes. Rates correct as of . View disclaimer.

If you are in the market for a new car but don’t have enough cash saved to buy it outright, you may consider a car loan to finance your new set of wheels.

Generally, obtaining a car loan depends on a range of factors including whether your employment provides enough income in order to finance the loan. If you’re retired or receive government benefits like the pension or Centrelink, despite not being employed you could still be eligible.

What is a pensioner car loan?

Pensioner car loans are designed for those retired or receiving government benefits including the pension. To service any form of finance, income is required in order to meet repayments.

For pensioners, as long as you meet lending criteria and have consistent income - whether that be from investments or other assets, Centrelink payments, a disability pension, age pension or another kind of pension - a pensioner car loan could help you unlock your new set of wheels.

How much can you borrow with a pensioner car loan?

For a pensioner car loan the amount you will be able to borrow will not only vary from lender to lender, yet most importantly will depend on your individual financial circumstances.

While you do not necessarily need to be employed to be eligible for a pensioner car loan, your options may be more limited than those open to someone who is employed. You may be required to agree to a shorter loan term, agree to higher repayments or face a higher interest rate.

When comparing pensioner car loans, you may receive different interest rates from an array of lenders as a result of your financial position.

  • Typically, lenders will charge less competitive rates on loans that are deemed higher risk.

  • If you are a pensioner and you own assets, these could be used as security on a car loan to reduce the interest rate you pay.

Before you decide on how much you want to borrow, be sensible about your budget. Look at your pension payments against your expenses and be honest with yourself about how much you can afford to repay.

Consider paying down a deposit to show the lender you are able to save money when receiving a pension, and potentially improve your credibility with the lender. Borrowing a smaller amount could also prove to be beneficial, meaning you have less to pay in repayments and interest over the life of the loan.

What should I look for in a pensioner car loan?

When it comes to a pensioner car loan, there are a number of things to consider including:

Secured or unsecured loans

Secured loan may offer better interest rates but an unsecured loan may be less hazardous if your financial circumstances change and you fall behind on payments.

Interest rates

The lower the interest rate, the lower the size of your repayments. However, you should also factor in any fees and charges to determine the true cost of the loan.

Fixed or variable rates

Fixed rates will stay the same over your loan term, while variable rates change over the course of your loan with market factors. In favourable conditions, this means you may end up with a rate that decreases during your loan, but you also risk rates rising and having to pay more for your loan.

For pension car loans, a fixed rate loan may be more suitable than a variable rate loan as it provides peace of mind as to the size of your repayments.

Fees and charges

Generally, fewer and lower fees are better, but you might find a loan that offers more value for money in the long run, at the cost of higher initial fees. A car loan with some fees might also offer great flexibility in terms of extra repayments or early loan discharges, ultimately saving you money in interest costs in the long run.

Loan length

You will generally pay more in interest over a longer loan term, but the size of your regular repayments will be smaller. Lenders might offer better rates to those who can pay off the loan in a shorter period of time. Car loans are commonly anywhere from one to five years, though some lenders offer seven-year car loan options.

Age of car

If you want to buy a used car, it’s important to consider if a lender will offer finance for it. Many of the most competitive used car interest rates apply to cars only up to around five years old. Some offer finance up to a maximum of 12 years old - this means if your car is seven years old, you probably can’t get a car loan term longer than five years.

If you’re after an older car, or even want to finance a classic car, you might have to broaden your search.

How to apply for a pensioner car loan

Like any form of loan, in order to apply for a pensioner car loan specific lender requirements must be met. These include:

  • Applicants must be aged over 18 to apply.

  • Applicants must be an Australian citizen or permanent resident to apply.

  • Applicants must have proof of regular income to cover your repayments and expenses.

  • Applicants may be eligible for a pensioner car loan if you receive the aged pension, disability support pension, or Centrelink payments such as parenting or carer payments. Some allowances, like JobSeeker, Youth Allowance and Austudy may not qualify, and you could need to provide proof of supplementary income.