Car Loans for Single Parents

Don’t let your family situation stand in the way of you getting a car loan.

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Loans.com.au Car Loans

Loans.com.au - New and Dealer Used Car Loan logo image

From

4.67 %p.a.

fixed rate

From

5.22 %p.a.

comparison rate

  • Early payout available
  • No monthly ongoing fee
  • Borrow up to $100,000
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Single parent car loan comparisons

For many Australians, owning a car can mean a way for the kids to get to school, a way for you to get to work, or just simply giving your family the means to get where they need to be. Unfortunately, it can be difficult for single parents to access car loans. But there are options available to you.

Data indicated here is updated regularly
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Monthly Repayment View Details CTA
Loans.com.au - New and Dealer Used Car Loan
From
4.67%
(fixed)
5.22%
You'll receive a fixed rate from 4.67% p.a. based on your risk profile
Finance a new car and benefit from features such as fast approval, no ongoing fees and an optional balloon payment. Settle the loan before 30 November 2021 and enter the draw to win a $1,000 fuel gift voucher. T&Cs apply.
You'll receive a fixed rate from 4.67% p.a. based on your risk profile
Finance a new car and benefit from features such as fast approval, no ongoing fees and an optional balloon payment. Settle the loan before 30 November 2021 and enter the draw to win a $1,000 fuel gift voucher. T&Cs apply.
Credit Concierge Car Loan
From
3.99%
(fixed)
5.08%
You'll receive a fixed rate of 3.99% p.a. with a comparison rate of 5.08% p.a.
Get access to over 20 providers to fund a new or used car.

You'll receive a fixed rate of 3.99% p.a. with a comparison rate of 5.08% p.a.
Get access to over 20 providers to fund a new or used car.

Latitude Personal Loan (Secured)
From
5.99%
(fixed)
7.26%
You'll receive a fixed rate between 5.99% p.a. and 21.99% p.a. based on your risk profile
Lock in a competitive fixed rate when you offer security. Loan can be used for any purpose and repayments are flexible. You can check your interest rate before applying with no impact to your credit score.
You'll receive a fixed rate between 5.99% p.a. and 21.99% p.a. based on your risk profile
Lock in a competitive fixed rate when you offer security. Loan can be used for any purpose and repayments are flexible. You can check your interest rate before applying with no impact to your credit score.
Wisr Secured Car Loan
From
5.19%
(fixed)
5.46%
You'll receive a personalised interest rate from 5.19% p.a. to 17.69% p.a. based on your risk profile
A flexible car loan from $5,000 - $50,000 with personalised rates and rewards for strong credit customers.

You'll receive a personalised interest rate from 5.19% p.a. to 17.69% p.a. based on your risk profile
A flexible car loan from $5,000 - $50,000 with personalised rates and rewards for strong credit customers.

NRMA New Car Loan
From
4.99%
(fixed)
5.69%
You'll receive a fixed rate from 4.99% p. a.
Purchase a new or used car up to 2 years old and benefit from a fixed rate and no monthly fees. Pre-approval available within 5 business hours.
You'll receive a fixed rate from 4.99% p. a.
Purchase a new or used car up to 2 years old and benefit from a fixed rate and no monthly fees. Pre-approval available within 5 business hours.
IMB New Car Loan
4.99%
(fixed)
5.34%
You'll receive a fixed rate of 4.99% p.a.
A low minimum borrowing amount of $2,000 that you can use to purchase a new car or one that's up to two years old.
You'll receive a fixed rate of 4.99% p.a.
A low minimum borrowing amount of $2,000 that you can use to purchase a new car or one that's up to two years old.
Plenti Car Loan
From
4.89%
(fixed)
5.44%
You'll receive a fixed rate from 4.89% p.a.
Borrow up to $100,000 with a Plenti Car Loan and benefit from no early repayment or exit fees.
You'll receive a fixed rate from 4.89% p.a.
Borrow up to $100,000 with a Plenti Car Loan and benefit from no early repayment or exit fees.
Stratton Finance New Car Loan
From
4.05%
(fixed)
5.63%
You'll receive a fixed rate from 4.05% p.a. depending on the lender you are approved with
Apply for up to $250,000 and use cash or trade in a vehicle to use as a deposit. Optional balloon payment available.
You'll receive a fixed rate from 4.05% p.a. depending on the lender you are approved with
Apply for up to $250,000 and use cash or trade in a vehicle to use as a deposit. Optional balloon payment available.
NRMA Used Car Loan
From
6.49%
(fixed)
7.19%
You'll receive a fixed rate from 6.49% p.a.
Finance a used car with NRMA and benefit from a fixed rate term and no monthly fees. Pre-approval available within 5 business hours.
You'll receive a fixed rate from 6.49% p.a.
Finance a used car with NRMA and benefit from a fixed rate term and no monthly fees. Pre-approval available within 5 business hours.
SocietyOne Car Loan
From
6.99%
(fixed)
6.99%
You'll receive a fixed rate between 6.99% p.a. and 20.49% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.
You'll receive a fixed rate between 6.99% p.a. and 20.49% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.
Symple Loans Personal Loan
From
5.75%
(variable)
6.47%
You'll receive a personalised interest rate from 5.75% p.a. to 25.99% p.a. based on your risk profile
Borrow up to $50,000 to pay for what you need.
You'll receive a personalised interest rate from 5.75% p.a. to 25.99% p.a. based on your risk profile
Borrow up to $50,000 to pay for what you need.
NAB Personal Loan Unsecured Fixed
From
9.99%
(fixed)
10.88%
You'll receive a fixed rate between 9.99% p.a. and 18.99% p.a. ( 10.88% p.a. to 19.83% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% (13.56% comparison rate) or less. See Comparison rate warning in (i) above.
You'll receive a fixed rate between 9.99% p.a. and 18.99% p.a. ( 10.88% p.a. to 19.83% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% (13.56% comparison rate) or less. See Comparison rate warning in (i) above.
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Compare up to 4 providers

Car loans suitable for single parents:

  • Beyond Bank Low Rate Car Loan "Special Offer": 5.01% p.a. comparison rate. A limited time offer - get a car loan with a 4.69% p.a. variable rate.
  • RACQ Bank Car Loan Special: 6.16% p.a. comparison rate. A car loan suitable for new vehicle purchases with no monthly administration fees.
  • IMB New Car Loan: 5.34% p.a. comparison rate. A new car loan with no monthly service fees and no early repayment.
  • bcu Car Loan: 6% p.a. comparison rate. A flexible car loan with redraw facility and fee-free early payout.

Why wouldn’t a single parent be approved for a car loan?

There are a few reasons why single parents might find it difficult to access car finance. As single parents rely on a sole income, they may not meet the financial requirements set by lenders. Their income may not be sufficient because they work part-time in order to take care of their children, or they may receive Centrelink payments. These financial constraints may also mean they are in debt, making it more difficult for them to be approved for a car loan.

As well, some lenders may not take into consideration what you may receive from Centrelink. Most of the time you’ll need a supplementary income to support your car loan application.

What car loan options do single parents have?

Loan typeLoan amountInterest rateEligibility criteriaFind out more
Secured car loan$3,000 - $100,0004-13% p.a.
  • Earn a regular income
  • Have good credit
  • Be employed
More
Short-term loan$100 - $2,00024% per $100 borrowed
  • Earn a regular income
  • Have capacity to repay
More
Centrelink loan$100 - $10,000Varies
  • Earn a regular income
  • Some types of Centrelink payments may not be allowed
More
NAB StepUP$800 - $3,0005.99% p.a.
  • Hold a Centrelink or pension card or be eligible to receive FTB Part A
  • Have resided at your current address for three months
  • Are borrowing for essential goods and services
More
No Interest Loan Scheme$300 - $1,2000%
  • Hold a Centrelink or pension card or be eligible to receive FTB Part A
  • Have resided at your current address for three months
  • Show a willingness and capacity to repay
  • Are borrowing for essential goods and services
More

How to compare car loans for single parents

While you may feel you have limited options when it comes to car loans, it’s still important to compare what options you have available to you to ensure you get opt for the best one for you.

  • Interest rate. The interest rate will be the main contributor to the cost of the loan, and so it’s important you find a competitive rate. Check whether the rate is fixed or variable and compare the rate on offer with that being offered by other lenders.
  • Loan terms. This is how long you’ll have the repay the loan. Most lenders will offer you the option to choose terms of between one and five years for fixed rate loans and one and seven years for variable rate loans.
  • Repayment flexibility. Are you able to line up your repayments to match your pay frequency? Are you able to make additional repayments without penalty? Can you repay your loan early? These are all things which you will need to find out about the loan.
  • Fees. Most loans come with fees, but obviously some loans charge less than others. See what fees you will be charged upfront, check if there are ongoing fees such as monthly or annual account-keeping fees, and note any other fees that may be applicable.
  • Additional features. The loan may also come with additional features, such as extended warranty or a loan redraw facility.

Things to watch out for

When comparing your car loan options, make sure you check the reputability of the lender. Some lenders may claim to help single parents with car loans, but then charge you extremely high fees and rates that can make it difficult for you to manage your day-to-day finances. If you’re unsure of your eligibility with a certain lender, it might be worth talking to them first to avoid having too many credit applications on your credit file.

How to apply?

To apply for a car loan you can compare your options using the comparison tables on this page and across the rest of finder.com.au. Once you’ve found a loan, make sure you check the eligibility criteria to see what your chances are of being approved. Then you can simply click "Go to Site" to be directed through to the lender’s online application form where you can provide your personal and financial details and wait to see if you’ve been approved.

As a single parent, it's important to call a few lenders to discuss your eligibility first. Applying too many times can affect your credit history and make you appear less appealing to lenders.

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    Logo for IMB New Car Loan
    IMB New Car Loan

    You'll receive a fixed rate of 4.99% p.a.
    A low minimum borrowing amount of $2,000 that you can use to purchase a new car or one up to two years old.

    Logo for Beyond Bank Low Rate Car Loan "Special Offer"
    Beyond Bank Low Rate Car Loan "Special Offer"

    You'll receive a fixed rate of 4.69% p.a.
    Take advantage of a competitive rate, pre-approval and no early repayment fees when you finance a car under two years old.

    Logo for RACV New Car Loans
    RACV New Car Loans

    You'll receive a fixed rate from 4.99% p.a.
    A larger loan of $5,000 or more to help you buy a new or used car. 5-hour pre approval available and no ongoing fees.

    Logo for NRMA New Car Loan
    NRMA New Car Loan

    You'll receive a fixed rate of 4.99% p.a.
    Purchase a new or used car up to 2 years old and benefit from a fixed rate and no monthly fees. Pre-approval available within 5 business hours.

    Ask an Expert

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    8 Responses

      Default Gravatar
      TanyaSeptember 3, 2018

      Hi,

      Just wondering if I can go for a car loan. I just recently moved from Queensland to Northern Territory.

        Avatarfinder Customer Care
        JeniSeptember 4, 2018Staff

        Hi Tanya,

        Thank you for getting in touch with finder.

        Even if you have just recently moved, as long as you meet the financial requirements set by lenders – let’s say Centrelink payments, that should be fine. In addition, a supplementary income is helpful to support your loan application. On this page, you’ll see a table with the list of banks/lenders that you may apply for a car loan with. It is best to check the eligibility criteria to see what your chances are of being approved.

        Please note that it’s important to call a few lenders to discuss your eligibility first. Applying too many times can affect your credit history and make you appear less appealing to lenders.

        I hope this helps.

        Please feel free to reach out to us if you have any other enquiries.

        Thank you and have a wonderful day!

        Cheers,
        Jeni

      Default Gravatar
      EmsJuly 23, 2016

      I’m single mother with 4 kids Centerlink is my main income and I also receive child support,I have $7000 saved in my bank to help with purchasing a car,would I be able to get finance for a car worth between 20,000 to $25,000,
      What would be best option

        Avatarfinder Customer Care
        MayJuly 24, 2016Staff

        Hi Ems,

        Thanks for your inquiry.

        Please note that you’ve come through to finder.com.au we are an Australian financial comparison website and general information service. We are not a lender nor represent any lender featured on our site. And as we cannot recommend any lender, the best loan option will entirely depend on your own financial situation.

        Since you’re on Centrelink payments, most lenders would require you to have an additional source of income to support your loan application.

        Nonetheless, though we’re not sure if you’ll be approved for a loan or not, as a single parent, your options would either be secured personal loan, unsecured personal loan, or a payday loan.

        Hope that helps.

        Cheers,
        May

      Default Gravatar
      TrishJanuary 4, 2016

      I am a single mother of 3 on a single parenting payment from Centrelink, am I able to get a loan for a car I have someone who is willing to go guarantor for me on a loan

        Avatarfinder Customer Care
        ElizabethJanuary 4, 2016Staff

        Hi Trish,

        Thanks for your question.

        I can’t recommend a specific lender to you but I can direct you to a few of our guides that may be able to help. You can find lenders that consider Centrelink applicants on this page (this includes short-term lenders and banks), you can find a guide on guarantor personal loans on this page, our guide on joint application personal loans on this page, and also a review on a bad credit lender that accepts guarantor applications on this page.

        I hope this information will be of use.

        Thanks,

        Elizabeth

      Default Gravatar
      CharlenaDecember 13, 2014

      Wondering if a singel mothers with two children can apply for a car loan.

        Avatarfinder Customer Care
        ShirleyDecember 15, 2014Staff

        Hi Charlena,

        Thanks for your question.

        If the source of your primary income is not from Centrelink and you are currently employed, then you may be eligible for most loans featured on this page.

        It’s advisable that you get in touch with a few of the lenders first to discuss your options and eligibility.

        Cheers,
        Shirley

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