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  1. #1
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    Default First time buying a car, advice needed

    As the title says im wanting to buy a car for the first time. Im currently on PPS and receive no other income or money such as child support i have no debts whatsoever i only have an overdraft on my account for emergencies but mainly because all my bills are debited directly.I just moved to Lismore for study, on my second year in doing law and it was becoming harder to study through distance especially with an active and demanding child, however public transport is a nightmare in Lismore, the hill there makes walking harder so figured if i wanna be able to drop DD at daycare and get to uni in time i will need my own transport. I have no money saved up as i just used it to travel overseas to show my family DD. I dont know how to get finance and how to go about buying a car. Any advice will be appreciated.

  2. #2
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    Hey there

    Im not sure what banks loan to centrelink recipients but im sure some do. I will give you a rough idea though costs etc. We atm have a $5000 personal loan through one of the big 4 and our fortnightly repayment is $37.00 roughly and it was over 5 years. We have been paying $50 a fortnight off of it and have paid well over half in just over 12months off of it.

    Banks like to see a good credit history, and if you can show them that you can save a certain amount a fortnight then that will help your application. Good luck have a look at some banks online and their calculators.

  3. #3
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    Yep, check out the big four banks websites for sure. Each of them have calculators to determine how much you can borrow for a personal loan, as well as calculating how much your repayments will be. If you have a savings history you can show them (like putting away a certain amount of money each fortnight for your holiday) this will help.

  4. #4
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    There is a no interest loan scheme available for centrelink recipients. They loan up to $1200 for essential purchases, which should help.

    http://www.nilsnsw.org.au/

    Good luck.

  5. #5
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    Finance through car dealers isn't too bad these days. I would call a few and see wha they offer. Goodluck


    Baby wearing, co-sleeping, booby feeding mummy to one

  6. #6
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    Try a Step Up loan thru NAB. It's up to $3000 with 3.95% interest. It's especially for low income earners.


 

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