Being a casual worker doesn’t automatically mean you can’t get a car loan. After all, around one in five Australians consider their employment to be casual, according to the
Australian Bureau of Statistics. The reality is that there are more lenders than you’d think that are willing to work with people in your boat. For casual workers, though, lenders will focus on your income and job stability when assessing your application.
Why apply for a car loan with Savvy?
How can I get a car loan as a casual worker?
There are a few key points you’ll need to meet to be approved for
car finance as a casual worker. The main ones are:
- Income: you’ll need to hit your lender’s minimum income requirements. This can start from as little as
$400 to $500 per week (around $20,000 to $26,000 annually). - Income stability: lenders want to see consistency in your payslips. Working consistent hours and receiving stable income will go a long way towards helping you get approved.
- Time in employment: you’ll need to show that you’ve been working in the same place for at least three to six months in most cases. A brand-new casual gig won’t cut it.
- Other standard eligibility criteria: aside from these casual-specific points, you’ll have to meet all the other regular criteria, such as age, residency, credit history and more.
How much will I be able to borrow on a casual income?
Each lender assesses borrowing power differently, but they’ll look at the following factors when determining how much they’re willing to lend you:
- Your income and expenses: the more left over after expenses are deducted, the more you’ll be able to pay towards a car loan.
- Your credit score: a strong credit score suggests reliability when it comes to staying on top of your debts, which lenders like to see.
- Your history repaying similar loans: if you’ve paid off a similar loan in the past few years, lenders are more likely to trust you with a larger sum.
- The value of your car: the amount you can borrow will be tied to your car’s cost, too. Although you may be able to include certain on-road costs, you won’t be able to borrow much more than its value.
- Your assets and liabilities: you’re likely to be seen as more reliable with assets like cars and property behind you, but liabilities such as other loans will eat into your borrowing power.
Car loan repayment calculator
Crunch the numbers to see how much you could be paying
Your estimated repayments
$98.62
| Total interest paid: | Total amount to pay: |
| $1233.43 | $5,143.99 |
How to apply for your car loan with Savvy
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Fill out our simple online application form
Tell us about yourself and the car and loan you’re after. This will include information about your income, employment and credit score and helps us find the best available loan for you.
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Supply any required documents
After you complete your application, we may request further documentation to verify details such as your employment and income. These can be submitted online via our portal.
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Discuss your options with us
Once we have all the information we need, we’ll compare the offers available to you from our lending panel. Your consultant will reach out to you and talk you through your car finance options to get the all-clear.
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Find your ideal car
If you haven’t already decided on (or found) your ideal car, our in-house car broker team, Vehicles Direct, can search our national network of dealerships to find the best available model for you.
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Have your application prepared and approved
Once we have all the info we need, your consultant will get to work preparing your application for submission. You can receive formal approval as soon as one business day after it’s submitted.
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Sign on the dotted line
We’ll send through your final loan documents and other forms to sign electronically. Once settlement is complete (which we’ll also handle for you), you’ll be the proud owner of your new or used car!
Car loan eligibility and documentation
Eligibility
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Age
You must be at least 18 years of age
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Residency
You must be an Australian citizen or permanent resident (or, in some cases, an eligible visa holder)
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Income
You must be earning a stable income which is enough to comfortably support your repayments (this can start from as little as $20,000 to $26,000 per year)
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Employment
You must be employed and earning a consistent income from your job
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Credit score
You must meet your lender’s requirements related to your credit score
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Car
Your car must meet your lender’s requirements related to type, age and condition
Documents
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Driver's licence
Front and back (or another form of government-issued ID)
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Payslips
Your last two consecutive payslips (or your last tax return if you're self-employed)
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Savvy forms
Your Savvy application, consent form and credit guide (supplied by your consultant)
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Car details
Information about your car, such as its age, is handy to have
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Bank statements
90 days of bank statements may be requested, but not always
Top tips for maximising your chances of car loan approval on a casual income
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Work for a while before you apply
Make sure you’ve built up a record of consistent work and pay at the same place before you hit send on that application.
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Pay a deposit if possible
If you have savings to spare, paying a deposit towards the purchase of your car can help you get approved and save money overall (though we work with lenders who can finance up to 100% of your car's purchase price.
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Improve your credit score
Even if your score isn’t that bad, continuing to pay your bills on time and reducing credit limits where possible can boost it.
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Apply with a partner or guarantor
Having an extra income on your application can increase your approval chances, as can applying with a parent or grandparent as a guarantor.
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Cut out unnecessary expenses
Assess your monthly incomings and outgoings to see where you might be able to save money. Every little bit counts on your application.
WHAT OUR CUSTOMERS SAY ABOUT THEIR FINANCE EXPERIENCE
Savvy is rated 4.9 for customer satisfaction by 6323 customers.
- Characteristics of Employment, Australia – Australian Bureau of Statistics
