Car Loan Guide for Pensioners in Australia

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Car Loan Guide for Pensioners in Australia

• Jane Clothier Author

1800 Approved Finance Solutions 33 Ereton
Dr. Arundel, QLD 4214 1800277768
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Introduction

• Many citizens receiving Centrelink payments are
  asking whether they can get approved for a car
  loan or not.
• The answer is YES!
• The rules are a little stricter but customised
  finance solutions are sought in order to find the
  best fit for each customer and situation.

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Identify the Type of Pension or Centrelink
Payment Being Received

• Here are some Centrelink payments that qualify
  for a car loan. These may vary from lender to
  lender so the best way is to ask whether you
  qualify or not.
• Disability Support Pension.
• Carers Pension.
• Partnered Parenting Payment.
• Family Tax A and B.
• Aged Pension.

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Things that Might Affect the Outcome of a
Pensioner Car Loan

• It is the lenders legal responsibility to make
  sure that you are financially capable to make the
  repayments and still able to manage your finances
  after the car loan is approved.
• Pension amount plus any other income received.
• Credit history. 
• Existing loans being paid off.
• Savings in the bank.

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Documents Needed

• Drivers license if applicable.
• Centrelink payment statement.
• Income statement from other income if applicable.
• Expenses.
• Liabilities.

Requirements will depend on your situation so it
is best to speak with a finance broker in order
to assess your needs and financial capability.
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Tips to Getting Approved

• Check your credit score  It is good to know
  where you stand before starting the car loan
  application process. If you credit score is in
  the low side, work on a better score before
  applying for a loan. This will increase your
  chances of getting approved.

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Tips to Getting Approved

• Manage your existing debt  The best thing to do
  is to reduce and consolidate so your debts are
  manageable.
• Budget wisely  If you are able to live within
  your means and still manage to save some money in
  the bank, this will prove how healthy you are
  financially and how well you manage your money.
  This is a big plus and will play a huge role in
  getting approved.

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Final Thoughts

• It is always good to educate yourself and make
  yourself financially and emotionally ready before
  making huge decisions and that includes applying
  for a car loan.
• There are no guarantees that you will get
  approved but making sure your finances are on
  point increases your chances a hundred fold.

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Professional Assistance

• At 1800Approved, we'd love to help you with your
  new or used car purchase. We have been awarded
  Australia's Asset Broker of the Year for 2016 and
  have helped thousands of individuals and
  businesses finance cars and equipment. Contact us
  for a free assessment. No obligation.

1800 Approved Finance Solutions 33 Ereton
Dr. Arundel, QLD 4214 1800277768 http//www.1800ap
proved.com.au/