Trailer Loans on Centrelink, a Pension or Casual Work
Not everyone has a full-time salary. Some lenders will consider other income, but they must be sure the loan is affordable. Here's an honest look at the options.
What counts as income
Some lenders accept certain government payments as income, such as the Age Pension, Carer Payment, Disability Support Pension or Family Tax Benefit. Policies vary a lot between lenders, and some don't accept government income at all. Casual and part-time income is widely accepted when it's been steady for a while.
What lenders need to see
- Regular, ongoing income, shown on bank statements or Centrelink income statements.
- That the repayment fits comfortably after your living costs.
- How you've managed other credit.
Want to talk it through? Send a free enquiry and we'll pass it to a broker who does trailer loans every day. Enquiring doesn't affect your credit score.
The affordability test is there to protect you
Under consumer credit law, lenders must not give you a loan you can't afford without hardship. If your budget is already tight, a loan may be declined, and that's the system working as intended, not a door being shut. Be wary of anyone who promises approval no matter what.
Things that help
- A deposit, so you borrow less.
- A cheaper or newer trailer that's easier to value.
- A clear record of paying bills and any existing loans on time.
- Being upfront about your income from the start.
Other options to consider
For a small trailer, saving up for a few months may cost far less than a loan. If you're on a low income, the government-backed No Interest Loan Scheme (NILS) may help with essential items; check whether you're eligible. Avoid payday lenders and high-cost short-term loans.