Compare Car loans for pensioners

Compare Car loans for pensioners - Data last updated on 25 Jun 2018

Compare Car loans for pensioners

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New Vehicle Fast Loan Low Rate
Advertised Rate
5.99%
fixed
Comparison Rate
6.53%
Monthly Repayment
$580
Upfront Fee
$380
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Car Loan
Advertised Rate
5.44%
fixed
Comparison Rate
5.99%
Monthly Repayment
$572
Upfront Fee
$400
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Advantage Car Loan
Advertised Rate
From
5.49%
fixed
Comparison Rate
6.75%
Monthly Repayment
$573
Upfront Fee
$407
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Secured Car Loan
Advertised Rate
6.99%
fixed
Comparison Rate
7.76%
Monthly Repayment
$594
Upfront Fee
$299
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Low Rate Car Loan (New and Used Car < 5 Years)
Advertised Rate
6.99%
variable
Comparison Rate
7.91%
Monthly Repayment
$594
Upfront Fee
$250
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Used Vehicle Fast Loan Low Rate
Advertised Rate
7.49%
fixed
Comparison Rate
8.04%
Monthly Repayment
$601
Upfront Fee
$380
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Motor Loan
Advertised Rate
From
6.99%
fixed
Comparison Rate
8.10%
Monthly Repayment
$594
Upfront Fee
$295
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Secured Personal Loan (Car < 2 Years)
Advertised Rate
7.99%
variable
Comparison Rate
8.96%
Monthly Repayment
$608
Upfront Fee
$200
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Unsecured Personal Loan - Diamond (Excellent Credit)
Advertised Rate
8.50%
fixed
Comparison Rate
9.36%
Monthly Repayment
$615
Upfront Fee
$595
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Car LoanSpecialReceive a $200 fuel voucher with a Westpac Car Loan for new or used car. Offer ends 28 June 2018.
Advertised Rate
8.49%
fixed
Comparison Rate
9.67%
Monthly Repayment
$615
Upfront Fee
$250
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Personal Loan Fixed Rate
Advertised Rate
From
9.50%
fixed
Comparison Rate
10.06%
Monthly Repayment
$630
Upfront Fee
$150
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Unsecured Car Loan
Advertised Rate
9.95%
variable
Comparison Rate
10.09%
Monthly Repayment
$637
Upfront Fee
$100
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Secured Personal Loan (Car 2-7 Years)
Advertised Rate
9.49%
variable
Comparison Rate
10.45%
Monthly Repayment
$630
Upfront Fee
$200
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Unsecured Personal Loan
Advertised Rate
11.99%
fixed
Comparison Rate
12.80%
Monthly Repayment
$667
Upfront Fee
$195
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Unsecured Personal Loan
Advertised Rate
12.99%
variable
Comparison Rate
13.95%
Monthly Repayment
$682
Upfront Fee
$200
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Car loans for pensioners

People receiving a pension may wonder if they are eligible to apply for and be offered a car loan. If you're in this position, there is no reason not to explore your options, and many lenders will assess your financial circumstances to examine your eligibility. Car loans for pensioners are personal loans, and when assessing your situation, lenders will look at all your financial details, including your credit history, the value of your assets (including your home if you own one) and what type of pension you receive. Pensioners with assets can be quite an attractive prospect for a lender, as a car loan could be secured on a home.

How do car loans for pensioners work?

A personal loan works the same way for pensioners as for anyone else, in that you borrow an amount of money to pay for your car, and then repay that amount with interest over a number of months or years. One to five years is usual, but you could get up to seven years depending on the lender and the amount you want to borrow. Putting down a deposit or trading in an older car will reduce the principal sum you’ll be loaned, and consequently reduce the repayments. Interest rates will vary, so you should make comparisons between lenders – a loan comparison calculator is a handy online tool.

Why do people use car loans for pensioners?

You may have assets in terms of savings or investments, as well as a home, where your money is tied up and you don't have the capital available to buy a car outright. So when you want a new or used car to replace what you have, a car loan will give you the freedom to buy one and plan your monthly repayments to suit your income and budget. Some lenders may be flexible and permit fortnightly or even weekly repayments, but you should work out what best fits your financial circumstances.

What are the main features?

Car loans are much shorter term than home loans, and it's why you should take the time to research and compare what is available, paying attention to interest rates, any upfront or ongoing fees, and checking if there are penalties for paying the loan off early. Some loans will offer lower repayments, but leave a residual – or balloon – payment that has to be paid off at the end of the loan before you can own the car outright. If you don't have the money available to cover this final payment, there is the option of refinancing and taking out a new loan to pay it off.

What are the pros and cons of car loans for pensioners?

Getting what you want immediately rather than waiting is a benefit of getting a car loan for a pensioner. If you have a loan secured on your property, you will be likely to get a lower interest rate, but make sure you repay on time so you don't face the prospect of the car being repossessed by the lender.

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^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

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