Car Loans and Vet Affairs: What you need to know.

Rapid Finance on 5 August 2015

When you’re on the pension, it's hard to fork out thousands of dollars for a new car up front. That’s why car finance is an attractive option for those on a Department of Veterans’ Affairs Pension.

But, is it possible? With so many rules surrounding loans and finance, you may be wondering if banks will even consider your application for finance at all if you are receiving the pension. The good news is that it is possible to obtain a car loan if you are receiving the Veterans' Affairs Pension. If the pension is a supplementary income, then there is an even better chance of being approved for a car loan.

Questions? Call a Rapid car loan expert today on 1300 467 274 to discuss your situation and how we may be able to help.

Steps to apply for a car loan on the Veterans' Affairs Pension

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Applying for a loan with the Veterans’ Affairs Pension is easy. There is only a small amount of additional information that you will need to provide as part of the application process. Since this pension is permanent income it’s considered a stable source of income, much like a regular job.

The loan application process for Rapid is:

  • Start an online application—it only takes a few minutes to complete and you can save your application and come back to it later.
  • A Rapid Finance specialist will assess your claim.
  • If successful, you will need to provide a Veterans’ Affairs Statement and a bank statement.
  • You are now ready to shop for your new car.

Since this pension is permanent income it’s considered a stable source of income, much like a regular job.

Improving your chances of a successful application

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If you’re worried that you may be knocked back for a loan, you can always get in contact with one of our car loan experts first. We are experienced in finding the best finance for our clients’ needs, even if they have a bad credit history. You never know what may be possible.

The best way to improve your chances of a successful loan application is to make sure that you fill out all the required information accurately, so that our team can assess your claim as quickly as possible and without any potential errors. If your partner receives income, you could also add them to the loan application to improve your chances of approval.

If you are looking to get finance in the future, there are things you can do now ensure that you will get approved by the time you are ready to apply for finance. You should avoid accumulating debt from unsecured loans with high interest rates. If you do have other outstanding debt, make regular repayments and avoid defaulting on these commitments.

Still unsure? Talk to a car loan expert today.

Finding the right loan provider is key to getting the best car loan to match your personal circumstances. This is what we do best. Even if you are receiving a Veterans’ Affairs Pension, we will be able to look over your circumstances and find the right car finance for you.

If you have a bad credit history, we still can help with bad credit car loans. How much do you receive from your pension? Do you have any outstanding debt? Is there another applicant you can add to the loan?

So if you are on the Veterans’ Affairs Pension and looking to upgrade to your dream car, talk to our team of car loan experts. We will assess your personal circumstances and develop a finance solution tailored to your needs. Call 1300 467 274 today.