Never write off the possibility of financing a new car simply because you are on a pension! Nowadays it can actually be a very achievable goal to still get a new car loan while on a pension. This is mostly due to the wider possibilities available to borrowers today. Find out more below.
Who Is Eligible?
This will depend on the lender, but it will be up to the affordability calculator and credit check conducted when you first apply for the loan. Not to mention the way that each lender has outlined their procedures and policies regarding car loans for those on a pension. Your best bet is to work via a loan specialist that can advise you on your applications and where to send them.
How Is It Possible?
This one’s easy, there’s a reason that many pensioners expect to be turned away when exploring vehicle finance options. There has been a stigma for far too long regarding pensioners not being a good risk. Times have changed and we’re here to tell you that getting a car loan approval is all too possible.
More and more institutions are opening up to the idea of offering financial assistance to those on pension. The moral here is, apply – don’t be shy!
If you are receiving a Centrelink pension, you are eligible to apply for a new car loan, plain and simple. Whether it’s a truck, caravan, motorbike or your run-of-the-mill light motor vehicle, it is an obtainable goal. Getting started is the easy part!
If you’d like to know more about acquiring a new car leasing on a pension, ZEP Finance can tell you how! Call us today to find out how we can provide you with a fast, tailored car loan solution to fit your needs.