What if I'm a single parent and my car loan application is rejected?

It can be really disheartening when a loan application is rejected, but this doesn't mean you have to give up. The best thing to do is take stock of why it was rejected, although many lenders won't necessarily tell you. You could try and give them a call to find out though. Too many credit applications in a short period of time raises red flags for lenders, so don't rush into applying anywhere else just yet. Call other lenders first to clarify their eligibility requirements to be sure you're eligible for a loan with them. Check your credit score to make sure it was good enough for a loan. Then cut back on any unnecessary costs that a lender might have seen and been concerned about: things like too many streaming services, expensive gym memberships and multiple takeout expenses.

Can I get a car loan if I'm receiving Centrelink payments?

Yes you can. Not every lender will accept Centrelink payments as forms of income however, so it's best to check eligibility before you apply anywhere. You will usually have to have another form of income alongside your Centrelink payments as well. But again, this can depend on the lender.

Will applying for a car loan impact my credit score?

Applying for credit won't necessarily impact your credit score by itself. When you apply the lender will do a 'soft' credit check and that won't harm your score. However, if you apply to multiple lenders in a short period of time, this may have an effect on your score. If you apply and are approved for a car loan, you may find that your credit score goes down at first. As you pay off your loan on time, your score will bounce back up and may even improve. If you miss repayments however, your score will go down.

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