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Everything You Need to Know About Car Loans for Pensioners

Have you been searching for car loans for pensioners? These days, it can be tricky to get around if you don’t have your own vehicle. Unless you have access to good public transport – that’s not too much of a walk from your home – a car is often a necessity for getting you where you need to go. They’re a means of convenience, freedom, practicality and in some cases – even pleasure. Yet, these benefits don’t come cheap. Plus, you have to consider the addition of upkeep costs you’ll be faced with should you purchase a car.

With all this in mind, the idea of purchasing a car can seem virtually impossible to pensioners. Fortunately, this isn’t always the case. Some lenders claim to provide cheap car loans for pensioners, but what options are available? And is the concept almost too good to be true?

In this article, Nifty Loans looks at car loans for pensioners and what financial options you may have if you’re receiving Centrelink payments. Additionally, while we cannot provide car loans for pensioners, we can offer personal finance to cover car expenses. So, keep reading to see how we might be able to help you!

Car Loans for Pensioners

Who is Nifty?

Nifty Personal Loans is an online private lender that offers personal, short term loans to a range of borrowers across Australia. We can’t provide car loans in general, but we can provide finance to people who are on a pension. At the end of the day, we believe in 100% transparency. So, this means we will always endeavour to find you the right financial solution to fit your situation. It also means we will not sting you with any unexpected fees!

When we assess our loan applications, we adhere to responsible lending practices. This ensures we do not approve applicants who we think cannot afford to meet the repayments of a loan. While, of course, that means we can’t promise guaranteed approval on our applications, we can guarantee a fair assessment. So, if you have a few marks against your credit history or you receive Centrelink payments – no problem! We may still be able to provide you with the finance you need, so long as you meet our other criteria.

Who said finance had to be difficult?

How do Car Loans for Pensioners Work?

If you are retired or on a pension, you can get a car loan from certain lenders so long as you can show you’re receiving some form of regular income. In this case, your ‘income’ would be the Centrelink payments, disability pension, age pension, or similar benefit you are receiving. A lender will look at how much you earn from your Centrelink payments or pension, then compare this to their repayment amounts.

If your pension can meet the repayments for the loan amount you’re after, then the lender may accept this as a suitable income and offer you a loan. Nifty cannot provide car loans for pensioners, but we can provide personal finance to pensioners in certain situations.

Who Qualifies?

Generally speaking, car loans for pensioners are handled on a case-by-case basis so individual lenders will have different criteria requirements. That said, some other factors they are likely to consider include:

  • Whether you hold another form of employment (e.g. casual, part-time)
  • Your credit history
  • Any other existing debts you may have
  • The amount and type of benefits you receive

Car Loans for Single Parent Pensioners

While it may be more difficult for single parents on a pension to access car finance, it is possible. As outlined above, car loans for pensioners focus predominantly on whether or not your Centrelink payments will be enough to repay the loan. What can often work against pensioners, and particularly parents, is their credit history. Car loans for single parent pensioners with bad credit are much harder to come by due to lending guidelines.

Traditional lenders, such as banks, have set guidelines in place to ensure they adhere to responsible lending requirements. As a result, a single blemish on a borrowers credit history can lead them to reject an application.

Car Loans for Pensioners with Bad Credit

Although some banks and traditional lenders may have a restricted view of credit, not all lenders will. A bad credit rating can be the result of defaults or missed payments that happened as long as seven years ago. As a result, certain lenders will look at more than just your credit score during their assessment of your application. Ultimately, this will all depend on the lender so you should refer to them directly to learn about their approach to bad credit.

What About Low-Interest Car Loans for Pensioners?

Low-interest car loans sound like an ideal solution for pensioners but may hold many of the same difficulties as other car loans for pensioners. While a low-interest rate is a great feature for lenders to promote, it might not always offer the best solution. When looking at low-interest car loans, you should also consider:

  • What type of loan you need
  • The flexibility of the loan
  • Any extra features it may have

Why Don’t We Offer Car Loans for Pensioners?

While Nifty doesn’t offer car loans, we can provide personal finance to cover other car expenses, such as registration or repairs. Basically, we offer three types of personal loans to cover car-related costs: small, medium and large. The basics of these loan types are outlined below:

Type Small Medium Large
Amount $300 – $2,000 $2,100 – $4,600 $5,000 – $10,000
Term 6 – 12 months 9 – 24 months 9 – 24 months
Security Unsecured Secured Secured

Applications are free for all our loans, but standard fees and rates apply should you be approved for finance. If you are approved for a loan, we will outline all associated costs clearly in your loan agreement. For more information on what costs may apply to your loan, see our costs page for details or get in touch!

How We Can Help

Car Registration Loans

If you’re looking for car registration loans, look no further than Nifty! Car registration fees is a necessary evil for most of us, but when the bill finally comes it can be tough to say goodbye to so much money at once. Depending on the make and model of your vehicle, you can expect to pay upwards of $500 a year for rego. That’s a sizeable chunk of income, especially if you’re on a pension!

Fortunately, if other financial pressures are preventing you from being able to afford your rego this month – we could help. Our personal loans can be used to cover registration costs as well as other insurance expenses. So, why not try us out?

Car Repair Loans

Accidents happen! And when they do, we aren’t always prepared to deal with the fallout. Consequently, Nifty’s car repair loans can help ease the pressure by giving you the opportunity to access quick emergency loans. Our smart loans are easy to apply for and can help cover a range of repair expenses, including:

  • Smashed windows;
  • Scratch or dents;
  • Paint damage;
  • Interior or upholstery damage;
  • Other general auto repairs.

Our Approach to Pensioners

If you are receiving a regular Centrelink pension, then you are still eligible to apply for a personal loan with Nifty! In certain circumstances, we may consider these payments as a valid form of income, so long as they are consistent. So, if you’ve been receiving consistent Centrelink payments for at least 3-months, you’re good to go! If you are unsure whether or not you are receiving enough to meet our requirements, we encourage you to apply anyway. It is free to do so and we are more than happy to take a look at your application.

Applying for Finance With Nifty

While Nifty can’t provide car loans for pensioners, we can offer pensioners personal loans to cover other car expenses. To apply, you just need to be able to answer the following questions:

  • Are you an Australian citizen or permanent resident?
  • Are you 18 years of age or older?
  • Over the last 90 days, have you received a regular income into your own personal bank account?
  • Do you have an active email address and mobile phone number?

If you can meet all of the above requirements, then you’re able to apply!

Step 1: Fill out your application

Use our loan calculator at the top of the page to enter your preferred amount and repayment period. When you’re satisfied, hit the ‘apply now’ button and you will be directed to our full online application form. This could take you just a few minutes to complete if you’ve got all the documents needed handy (see above).

Step 2: We get to work

After you’ve submitted your application it’s time to sit back and relax as our team conducts the assessment. If you have submitted your application during regular AEST business hours, you could even have an outcome within the hour.

Step 3: Sign your loan contract

Should your application be approved, our team will contact you and present the proposed loan contract. You must read through the agreement thoroughly to ensure you’re aware of any fees or charges you could incur for late or failed payment. When you’re happy, simply sign and send it back to us.

Step 4: Receive your money!

As soon as we receive your signed loan agreement, our team will schedule the release of funds to your account. If you have an NPP bank account then you could receive your money within just 60 seconds! However, it’s important to remember that inter-bank transfer times can vary.No matter what, we will do our best to get your money to you ASAP!

Other Things to Consider When Applying

If time is of the essence then you may want to consider what documents you’ll need handy for your application. Along with your online application, we will also need you to supply the following details:

  • Personal details such as online banking and employment info;
  • A reason for why you are applying for the loan;
  • Your myGov details;
  • Your employer’s contact details.

Why Do You Need My Banking Details?

We need your banking details to access your recent bank statements. We use heavily encrypted software to do this and will not actually see or access your online banking password. We can look but we can’t touch!

By law, we are required to obtain the past 90 days of your most recent bank statements. The reason we ask for your online banking details is to avoid unnecessary paperwork for you. Normally you would have to provide copies of statements to us yourself, but we recognise that time is money. So, when you apply with Nifty, you don’t have to worry about paperwork – we’ve thought of everything!

Learn More

For more information on Nifty and the loans we offer, refer to our FAQ page or feel free to get in touch. You can send us a direct message via our enquiries form or call us direct on 1300 471 328. We’d be more than happy to assist you with any questions you may have!

Andy Andy


Andrew Bell

Since founding Nifty in 2016, Bell has continued to make waves within the local financial sector for his continued ambition and willingness to adopt emerging technologies.

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Loan Costs

Large Loans

Large Loan Example

$5,000 - $10,000

Loan amount:
9 - 24 months
Establishment fee:
Monthly Fee:
Comparison Rate:
View Example
Loan amounts:
18 months, (78 weekly repayments)
Establishment fee and Total Interest:
Total payable:
Weekly installments:
View Loan Details

Medium Loans

Medium Loan Example

$2,001 - $4,600

Loan amounts:
$2,001 - $4,600
9 - 24 months
Establishment fee:
Monthly Fee:
Comparison Rate:
View Example
Loan amounts:
24 Months, (104 weekly repayments)
Establishment fee:
Total other fees:
$1,609.44 (reducing interest)
Total payable:
Weekly installments:
View Loan Details

Small Loans

Small Loan Example

$500 - $2,000

Loan amounts:
$500 - $2,000
12 months
Establishment fee:
Monthly Fee:
N / A *
Comparison Rate:
View Example
Loan amount:
12 Months, (52 weekly repayments
Establishment fee:
Total other fees:
Total payable:
Weekly installments:
View Loan Details

* Not applicable. Small loans do not charge an annual interest rate.

** WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. Different loans may include other payable fees and charges. All fees and charges will always be displayed on your loan contract.