- All Vehicle Types OK
- Fast Pre-Approvals
- Centrelink Considered1
- Bad Credit Considered1
1. Subject to verification, suitability and affordability.
Recent Reviews from Our Customers
Trustpilot
Car Loans for Single Parents up to $75,000
Money3 may be able to help you out with car finance when others can't1.
Our car loans for single parents are available up to $75,000 and could be used for any vehicle from a motorbike, truck or car to a motorboat or caravan.
Applying for a car loan with Money3 is easy, just select the kind of vehicle loan you are looking for above and give us a few details. We'll get back to you with a decision as soon as possible.
Get Started Now
Single Parent Car Loans up to $75,000
1. Subject to verification, suitability and affordability
2. Car loans up to $75,000 with Centrelink income less than 50% of your total income.
3. The maximum car loan with 100% of your income from Centrelink is $10,000 for first time customers.
Car Finance For Single Parent Pensioners
If you are on a single parent pension (Sole Parenting Payment), Money3 could still provide you with a car loan1. We don't turn people away just because they are receiving benefits, or receive benefits which supplement their income. We give you a fair go and examine a range of factors to determine whether or not you can comfortably afford a car loan.
When you're sole parenting, it's important to have a safe and reliable car you can use to transport your kids to school and other commitments. With Money3, you could get approved for a car loan that has flexible and affordable monthly repayments1.
Get Started Now
Single Parent Car Loans up to $75,000
1. Subject to verification, suitability and affordability
Vehicle Finance
Cars Motorbikes Used Cars Campervans Vans Minibuses Caravans Trailers Boats Jet Skis Trucks Ride on Mowers
Who Gets Accepted?
Getting your single parent car loan approved1 may be easier than you think with Money3. Money3 will go the extra mile for you. 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 other vehicle) loan approved as soon as possible. Your pre-approval loan offer is subject to final approval.
Money3 believes in giving everyone a fair go, which means we can provide car finance for single parent pensioners and other single parents who have had trouble getting a loan.
Single parents are looked at in much the same way as any other applicant, so we will consider your loan application1, even if:
- You are receiving disability or parenting pension payments
- You have been refused credit elsewhere
- You have retired and are on a pension
- You have a bad credit history
- You are receiving Centrelink income1
Get Started Now
Single Parent Car Loans up to $75,000
1. Subject to verification, suitability and affordability
How It Works
Applying for one of Money3's loan options is quick and easy. We'd like to see you get approved for a loan and driving away with your new car as soon as possible.
If you already have a car or other type of vehicle in mind, or are looking to get a loan pre-approval so you know what you can afford, we could help1.
Our car loans for single parents are eligible to you as long as you:
- Are Over 18 Years Old
- Have Take Home Income or Benefits over $480 a Week1
- Are an Australian Resident
- Get Your Income Paid into Your Account
- Are Employed or Receiving Centrelink1
Use the links or short form on this page to get started. After providing us with some basic details, you can complete your application online by providing some details on your income and expenses plus digitally submitting your 90 days bank statements.
Once we have all the necessary information, we can assess your pre-approval for vehicle finance and get back to you with a decision quickly.
Get Started Now
Single Parent Car Loans up to $75,000
1. Subject to verification, suitability and affordability
Example Single Parent Car Loans Costs Chart
Platinum
13.95% APR
Silver
19.95% APR
Bronze
24.95% APR
| Borrow | Costs | Repay |
|---|---|---|
| $5,000 | $1,936 | $6,936 |
| Platinum secured personal loan for 24 months at 13.95% APR & 33.50% Comparison Rate | ||
| $10,000 | $7,246 | $17,246 |
| Platinum secured personal loan for 48 months at 13.95% APR & 29.23% Comparison Rate | ||
| $25,000 | $14,851 | $39,851 |
| Platinum secured personal loan for 60 months at 13.95% APR & 19.36% Comparison Rate | ||
| $50,000 | $30,286 | $80,286 |
| Platinum secured personal loan for 72 months at 13.95% APR & 16.22% Comparison Rate | ||
| $75,000 | $42,219 | $117,219 |
| Platinum secured personal loan for 72 months at 13.95% APR & 15.15% Comparison Rate | ||
| EXAMPLE: A platinum secured personal loan of $5,000 for 24 months has fees and charges totalling $1,935.15 and a total repayment of $6,935.15. The Minimum loan term is 24 months and the Maximum term 24 months. The loan term will be 24 months, 52 fortnights or 104 weeks. The Maximum APR is 13.95%. The Comparison Rate, based on a loan of $5,000 over two years, is 34.58% 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 loan term will be 24 months, 52 fortnights or 104 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 | $2,341 | $7,341 |
| Silver secured personal loan for 24 months at 19.95% APR & 41.07% Comparison Rate | ||
| $10,000 | $9,323 | $19,323 |
| Silver secured personal loan for 48 months at 19.95% APR & 37.58% Comparison Rate | ||
| $25,000 | $20,886 | $45,886 |
| Silver secured personal loan for 60 months at 19.95% APR & 27.40% Comparison Rate | ||
| $50,000 | $42,970 | $92,970 |
| Silver secured personal loan for 72 months at 19.95% APR & 23.32% Comparison Rate | ||
| EXAMPLE: A silver secured personal loan of $5,000 for 24 months has fees and charges totalling $2,340.89 and a total repayment of $7,340.89. The Minimum loan term is 24 months and the Maximum term 24 months. The loan term will be 24 months, 52 fortnights or 104 weeks. The Maximum APR is 25.00%. The Comparison Rate, based on a loan of $5,000 over three years, is 44.43% EXAMPLE: A silver secured personal loan of $25,000 for 36 months has fees and charges totalling $20,885.89 and a total repayment of $45,885.89. The Minimum loan term is 24 months and the Maximum term 60 months. The loan term will be 24 months, 52 fortnights or 104 weeks. The Maximum APR is 19.95%. The Comparison Rate, based on a loan of $25,000 over five years, is 27.40% 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 | $2,690 | $7,690 |
| Bronze secured personal loan for 24 months at 24.95% APR & 46.48% Comparison Rate | ||
| $10,000 | $10,999 | $20,999 |
| Bronze secured personal loan for 48 months at 24.95% APR & 43.20% Comparison Rate | ||
| $25,000 | $25,626 | $50,626 |
| Bronze secured personal loan for 60 months at 24.95% APR & 32.59% Comparison Rate | ||
| $40,000 | $44,982 | $84,982 |
| Bronze secured personal loan for 72 months at 24.95% APR & 29.27% Comparison Rate | ||
| EXAMPLE: A bronze secured personal loan of $5,000 for 24 months has fees and charges totalling $2,689.41 and a total repayment of $7,689.41. The Minimum loan term is 24 months and the Maximum term 24 months. The loan term will be 24 months, 52 fortnights or 104 weeks. The Maximum APR is 24.95%. The Comparison Rate, based on a loan of $5,000 over two years, is 46.68% 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 loan term will be 24 months, 52 fortnights or 104 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. | ||
Benefits of Money3 Loans
Lodging your application for a single parent car loan is easy with Money3.
With Money3, you can apply online in minutes without having to worry about any hidden fees or charges. Your loan costs and terms will be avaialble for you to review, when you sign your loan contract, so you can make an informed decision about going ahead with a car loan. Money3 wishes to help single parents get car loans that are affordable and flexible to suit their financial circumstances.
- Vehicle Finance up to $75,000
- Transparent Fees and Charges
- Loan Options to Suit Your Needs
- Easy Repayments by Direct Debit
- Affordable and Flexible Repayments
- No Early Termination Fees
- Loan Redraws Available1
Money3's finance options could help you get the reliable, safe, and feature-packed car you need to help transport your children and get where you need to go1.
Get Started Now
Single Parent Car Loans up to $75,000
1. Subject to verification, suitability and affordability
Most Asked Questions
Can you get a loan on a single parent pension?
Yes, you could1. Money3 can provide car finance to single parent pensioners who may have been refused credit by other lenders. We believe in giving everyone a fair go at securing a car loan, as long as it is reasonable and affordable to them.
Can I get a car loan on Centrelink payments?
Yes, Money3 will consider your car loan application if you are receiving Centrelink income1. We require that your income is over $480 a week to ensure you can comfortably repay the loan.
How are Money3’s loans different from other lenders?
At Money3, we will give you a fair go, so it may be easier than you think to get approved for a car loan. Money3 can provide car finance for single parent pensioners, and parents receiving Centrelink income or who have bad credit history1. During the application process, we will look at your individual financial situation and do our best to provide you with a finance option that will be flexible and affordable for you, taking the principal loan amount and interest rate into account.
Money3 is a responsible lender regulated by ASIC. Our Australian Credit Licence is 389 067.
Do you perform a credit check on car loan applications?
Not all applications for car loans will be subjected to a credit check. Currently, Money3 will run a credit check on car loans before they are funded, but only if the application passes our initial assessments. Depending on the loan amount you request, an enquiry may be listed in your credit report.
Can a single mum get a car loan?
Yes, it is possible1. Money3's car loans are available to anyone who meets our eligibility criteria, which is based on your age, residency status, and level of income, as well as your previous history with us. Even if you have been refused credit by other lenders because you have a poor credit rating or receive income from Centrelink, you could still be approved for finance with Money3.
Can aged pensioners get a car loan?
Yes it is possible1. Money3 also offers pensioner car loans with all vehicle types considered and fast pre-approvals.
Can Centrelink help me get a car?
Centrelink may not directly help you get a car, and some lenders may refuse you credit if you receive income from Centrelink. However, you could be approved for a car loan with Money3 if you are receiving Centrelink benefits1. Our goal is to make sure the loan is affordable and suitable to you, regardless of your type of employment or level of government assistance.
What documents or details do I need to get a car loan?
Money3's application process is designed to be easy, so all the details you need shouldn't be difficult to find. We need your contact details, employment details, address and breakdown of your regular expenses. You can also choose to confirm your driver's licence, which can help make the application process faster. At this point, due to responsible lending obligations, we will need 90 days of bank statements which you can provide securely online in just a few minutes.
Once you complete these steps, we will get back to you as soon as possible with a decision on your car loan application.
Can I pay back my loan early?
Yes. If you would like to pay back your loan early, you can do so without worrying about paying any additional fees.
What if I encounter financial difficulty?
The Money3 team understands that unforeseen events can affect your finances and make it impossible to make a repayment. If you experience any financial difficulty that stops you from making a repayment, please contact us as soon as possible by calling us on 1300 014 870, sending us an email at customercare@money3.com.au, or filling out our Financial Difficulty contact form.
As part of giving everyone a fair go, Money3 takes a reasonable, flexible, and real-world approach to help our customers manage their repayments. When you contact our Customer Care team, they'll work with you to create a new repayment plan to help you get back on track.
1. Subject to verification, suitability and affordability
Also see:
Customers who have viewed this page and shown an interest in single parent car loans, have also visited the following pages:
Single Parent LoansCentrelink Car LoansVehicle FinanceUsed Car LoansNew Car LoansPensioner Car LoansBad Credit Car LoansSecond Chance Car Loans
FAQs
What credit score do I need to get a $50000 car loan? ›
In general, lenders look for borrowers in the prime range or better, so you will need a score of 661 or higher to qualify for most conventional car loans.
How much is the average car payment for $80000? ›The monthly car payments on a $80K car loan range from $1,333.72 to $2,198.91. Payments vary based on your credit score, and the sales tax rate of your state, and whether you are financing a new or a used car.
Can you get a car loan with retirement income? ›Secured loans, which require collateral, are available to retirees and include mortgages, home equity and cash-out loans, reverse mortgages, and car loans.
Can I afford a 80K car? ›Assuming a 10-15% car payment-to-income ratio, you would need to earn between $533,333 and $800,000 per year to afford an $80,000 car. Keep in mind that this is just a general guideline, and the amount you can afford will depend on your individual financial situation and priorities.
What credit score do you need to buy a 100k car? ›The higher your credit score, the better the rate you'll get for any loan. A credit score above 660 will typically allow you to qualify for an auto loan without a hassle. A credit score of 760 and above will typically allow you to qualify for auto maker special financing that can offer low-APR loans and rebates.
How much is a downpayment on a 50K car? ›A down payment between 10 to 20 percent of the vehicle price is the general recommendation. But if you can afford a larger down payment, you can save even more money on interest payments over the life of the loan.
How much of a car can I afford if I make $75000 a year? ›| Annual salary (pre-tax) | Estimated monthly car payment should not exceed |
|---|---|
| $25,000 | $208 per month |
| $50,000 | $416 per month |
| $75,000 | $625 per month |
| $100,000 | $833 per month |
The monthly car payments on a $75K car loan range from $1,250.94 to $2,062.44.
How much should I spend on a car making 75K? ›If you make $75,000 per year, your total loan payments shouldn't exceed $2,250 per month. The 20/4/10 rule: Put down 20% on a car, finance the car for no more than 4 years, and keep your car payment less than or equal to 10% of your salary.
Which retirement plans prohibit loans? ›More In Retirement Plans
IRAs and IRA-based plans (SEP, SIMPLE IRA and SARSEP plans) cannot offer participant loans. A loan from an IRA or IRA-based plan would result in a prohibited transaction.
Will a bank give you a loan if you are retired? ›
Under the Equal Credit Opportunity Act, lenders cannot discriminate against borrowers based on age; retired borrowers, like working borrowers, simply need to show that they have good credit, not too much debt, and enough ongoing income to repay the mortgage.
Is it harder to get a loan after retirement? ›Debt-To-Income Ratio
Once you retire, you don't have access to the full income you earned when you were working. This makes you a riskier candidate for a mortgage loan. Your lender might look particularly closely at your debt-to-income ratio when you apply for a loan after retirement.
Follow the 35% rule
Whether you're paying cash, leasing, or financing a car, your upper spending limit really shouldn't be a penny more than 35% of your gross annual income. That means if you make $36,000 a year, the car price shouldn't exceed $12,600. Make $60,000, and the car price should fall below $21,000.
If your take-home pay is $60,000 per year, you should pay no more than $750 per month for a car, which totals 15% of your monthly take-home pay.
How much should my car cost if I make $70,000 a year? ›Using an average interest rate, and a car payment calculator, you can afford a $19,000-20,000 car on a $70k salary using the 20/4/20 rule of car buying.
How much is a 30k car payment for 72 months? ›The total interest amount on a $30,000, 72-month loan at 5% is $4,787—a savings of more than $1,000 versus the same loan at 6%. So it pays to shop around to find the best rate possible.
Can I get a Tesla with a 650 credit score? ›The company doesn't list a minimum credit score requirement for a Tesla auto loan or lease. However, borrowers with good or excellent credit have a higher chance of qualifying and getting a lower interest rate.
How much is the monthly payment for a 70000 car? ›The monthly car payments on a $70K car loan range from $1,168.16 to $1,925.96. Payments vary based on your credit score, and the sales tax rate of your state, and whether you are financing a new or a used car.
What is considered a high car payment? ›Generally, however, a car payment is considered high if it exceeds 10-15% of a person's gross monthly income. This means that if a person earns $3,000 per month, a car payment that is greater than $300-$450 per month may be considered high.
How much is the car payment on $40,000 for 72 months? ›If you take a car loan of $40000 at an interest rate of 4.12% for a loan term of 72 months, then using an auto loan calculator, you can find that your monthly payment should be $628. When the loan term changes to 60 months, the monthly payment on a $40000 car loan will be $738.83.
Is it okay to put 50% down on a car? ›
When you make a really large down payment, say around 50%, you're going to see your auto loan really change for the better. Making a down payment as large as 50%t not only improves your chances for car loan approval, it also: Reduces interest charges. Gives you a much smaller monthly payment.
Is $75000 a good salary for one person? ›While people have different qualifications and different ideas of what constitutes a good salary, most would consider $75,000 per year to be good pay. Luckily, whether a person is just starting out in a new role or already has some experience, there are indeed many opportunities in this pay range.
What credit score do you need for a 60k car loan? ›There's no set minimum credit score required to get an auto loan. It's possible to get approved for an auto loan with just about any credit score, but the better your credit history, the bigger your chances of getting approved with favorable terms.
Can I buy a 100K car with 200K salary? ›I'd feel comfortable buying it with a $200K+ income. Buying a $100K car on a 60 month loan will cost you $2500 or so per month after you factor in sales tax, interest, registration fees, insurance, maintenance, etc. That's a lot of bags.
Can I get approved for a 75000 car loan? ›The short answer is maybe. It's all dependent on your income, credit score, and current debt-to-income ratio, as well as the discretion of the lender. Let's say that you have your phenomenal credit score of 800 and want a six-year (72-month) loan.
What is a realistic monthly car payment? ›Financial experts recommend spending no more than 10% of your monthly take-home pay on your car payment and no more than 15% to 20% on total car costs such as gas, insurance and maintenance as well as the payment.
Is $800 too much for a car payment? ›Experts say your total car expenses, including monthly payments, insurance, gas and maintenance, should be about 20 percent of your take-home monthly pay. For non-math wizards, like me – Let's say your monthly paycheck is $4,000. Then a safe estimate for car expenses is $800 per month.
Is a $500 car payment too much? ›How much should you spend on a car? If you're taking out a personal loan to pay for your car, it's a good idea to limit your car payments to between 10% and 15% of your take-home pay. If you take home $4,000 per month, you'd want your car payment to be no more than $400 to $600.
What is the 20 4 10 rule? ›The short version is that it recommends making a 20% down payment on the car, taking four years to return the money to the lender, and keeping transportation costs just under 10% of your monthly income.
Is 75k high mileage? ›Traditionally, vehicles with over 75,000 miles on the odometer are classified as high mileage, but they don't necessarily have to hit that milestone to benefit from high mileage oil. Vehicles that are over 7-8 years old or that work under a lot of stress will experience similar levels of engine deterioration.
How to get approved for a $50,000 car? ›
- Paying off debts to improve your debt-to-income ratio.
- Making a large downpayment. .
- Shopping around with multiple lenders to make sure that you get the highest available loan.
There is no set minimum FICO® Score to get a car loan. However, a good score at 720 or better will get you the best rate. Consider spending some time improving your credit score before shopping for your next car. Even moving up a few points can make a big difference if you have a low score.
How much can I borrow with a 700 credit score for a car loan? ›You can borrow $50,000 - $100,000+ with a 700 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.
Can you afford a $30,000 car making $60,000 salary? ›Follow the 35% rule
Whether you're paying cash, leasing, or financing a car, your upper spending limit really shouldn't be a penny more than 35% of your gross annual income. That means if you make $36,000 a year, the car price shouldn't exceed $12,600. Make $60,000, and the car price should fall below $21,000.
In general, you'll need a credit score of at least 600 to qualify for a traditional auto loan, but the minimum credit score required to finance a car loan varies by lender. If your credit score falls into the subprime category, you may need to look for a bad credit car loan.
How much is a $40000 car payment monthly? ›For $40,000 loans, monthly payments averagely range between $900 and $1,000, depending on the interest rate and loan term.
What car can I afford if I make 75k? ›Finding the right car payment
If you take your annual income of $75,000 and divide it by 12 to get your monthly income, you'll come to $6,250. Now multiply that by 10% to get $625, as per the rule stated above. From this math, you shouldn't spend more than $625 on your monthly car note.
How much is a lease for a $45,000 car? Using our calculator, we input a $5,000 down payment, an assumed $25,000 residual value, an interest rate of 7% and a term of 36 months (three years). It resulted in monthly payment of $606 before taxes.
What credit score is needed for a 60k car? ›There's no set minimum credit score required to get an auto loan. It's possible to get approved for an auto loan with just about any credit score, but the better your credit history, the bigger your chances of getting approved with favorable terms.
Can I get a 100k loan with 700 credit score? ›
Check Your Credit Score
To qualify for a $100,000 personal loan, you should have a score of at least 720, though a score of 750 or above is ideal. Before you apply for a large personal loan, check your credit score so you know what kind of loan terms you're likely to qualify for.
You will likely need a minimum credit score of 660 for a $50,000 personal loan. Most lenders that offer personal loans of $50,000 or more require fair credit or better for approval, along with enough income to afford the monthly payments.
Can you get a $60000 loan with an 800 credit score? ›A personal loan of $60,000 is a substantial amount of money. But, with an 800 credit score, you should qualify for a $60,000 personal loan. However, before you apply you will want to make sure the lender can offer a $60,000 personal loan. Most lenders have minimum and maximum loan amounts.