Compare single income car loans

Compare Single parent car loans - Data last updated on 21 Jun 2018

Compare single income car loans

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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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New Car Loan - RACV Silver Members
Advertised Rate
5.39%
fixed
Comparison Rate
5.93%
Monthly Repayment
$572
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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New Car Loan
Advertised Rate
5.99%
fixed
Comparison Rate
6.53%
Monthly Repayment
$580
Upfront Fee
$380
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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 Fixed
Advertised Rate
6.79%
fixed
Comparison Rate
6.92%
Monthly Repayment
$591
Upfront Fee
$0
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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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Used Car Loan
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 single parents

There are plenty of hoops out there for single parents in Australia to jump through, just to get from day to day. Having a reliable car becomes essential to get to work, do the school run, pick up the groceries from the supermarket and ferry the kids and yourself from place to place. The good news is that there’s no need to add "getting car finance" to your hoop collection. Here are some of the options you can consider if you’re searching for a car loan and are worried about your single parent status:

How do car loans for single parents work?

If you depend on a single income, perhaps from a part time job, and also look after the family, it can be worrying when you realise you do not meet the financial requirements that some lenders set. You may be surprised and pleased to learn that several different types of car loans for single parents are available from a number of lenders.

For example, if you are already receiving government funds from Centrelink and have a regular income, you may be eligible for a loan. You may be able to apply for no-interest loans if you are borrowing for goods or services deemed essential. With a regular income, you may be in a position to choose a short term or a secured loan to purchase a car. There are also charitable organisations that partner with banks to provide finance for single parents and families on low incomes for a range of purposes.

What are the features?

Interest rates may be fixed or variable, and some lenders offer flexible repayments, which means you may be able to make extra payments when this suits and repay your loan early without incurring penalties. Loan terms refer to the length of time you will have to repay the sum you have borrowed. These vary enormously and it’s usually possible for you to negotiate terms with your lender that suit your income level and cash flow. Often terms for variable loans are slightly longer than those for fixed rate loans.

At some point there are fees payable for arranging a loan, however some lenders charge more than others. You may be charged an application fee upfront, and then nothing further. Conversely, your loan may be awarded without paying a fee, but there may be monthly accounting charges to pay. Sometimes lenders offer additional features, such as a redraw facility or an extended warranty.

What are the pros and cons of car loans for single parents?

Getting help when you need it to purchase a car is obviously beneficial for you and your family. With the right deal, you can make the most of car ownership at an affordable price.

Be vigilant and aware, as sometimes lenders that are less than reputable will hike up fees and charges so much you will have difficulty meeting your financial commitments. Always check your eligibility with a potential lender before making a car loan application.

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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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