Due to retirement or unforeseen circumstances like becoming disabled, many seniors are living off of a pension or services like Centrelink. When attempting to meet their needs, pensioners often find it difficult to make major purchases, like that of a vehicle.

Due to retirement or unforeseen circumstances like becoming disabled, many seniors are living off of a pension or services like Centrelink. When attempting to meet their needs, pensioners often find it difficult to make major purchases, like that of a vehicle.
For those older or disabled Australians on a pension and needing to purchase a car or important household goods, there are some programs and steps they can take to make owning these products a reality.
Below is a list of popular pensioner car loan options:
1. The STEP UP Program. In partnership with NAB (National Australian Bank) this program provides low interest loans to pensioners and others on low incomes. To qualify for the loan; the pensioner must be in possession of a Centrelink Concession card or be receiving the Family Tax Benefit part A. The loan amount is $800 to $3000 and can be applied to the purchase of a used car. These loans can be paid back within 3 years. The best part of these loans is that there are no fees attached to the them.
2. Good Money. This is a not for profit business based out of Victoria and is a financial center that not only helps people to manage their money, but helps with no interest or low interest loans on cars. The pensioner will also receive tips on how to get a good deal on a car and what their rights are as a consumer.
3. Save For It. If at all possible save a small amount of money each month from your pension to purchase a car outright. Due to the current economy, many dealers are holding on to late model cars that can be sold for cash only. By saving a few thousand dollars, a small but dependable vehicle should be easily affordable. You can get additional help saving by using the SAVER Plus Program. With this program you set a financial goal and are taught financial education while attempting to achieve it. Once you have reached your goal; the program will match it dollar for dollar up to $500.
4. Buy Cheap. For those needing to take out a loan, many banks are concerned about them having the ability to repay due to their limited income. For those pensioners, buying a cheaper vehicle can easily solve that problem. Many car dealerships will accept small down payments and small monthly payment amounts allowing the consumer to be able to afford the vehicle. Many of them also offer a warranty which gives the customer added protection if the car experiences problems during the repayment. Buyers beware; make sure you know who you are dealing with so that you don’t get taken.
5. Apply Sparingly. Do your homework before applying for any car loans. Many car sales businesses advertise guaranteed acceptance, but cannot actually complete the loan when you apply for. The more loans you apply for, the more it hurts your credit file. Ask other pensioners about where they have received car loans from and try them first. Don’t forget to review your file before attempting to get a loan. By doing so you are insuring there are no blemishes that may stop you from being approved.
Although it can be somewhat difficult to get a car loan as a pensioner, there are programs that are available to help. Before asking for loan assistance, see if your budget will allow you to save for a vehicle while using the Saver Plus Program. If the need is immediate, The STEP Up or Good Money Program may be your best alternative. Remember, you have worked hard and deserve to have a decent mode of transportation. Set yourself up for success by using the available resources to get the car loan you need.