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Hi All, Im a single mum to 3 girls. I have recently been in an accident and my car has been declared a total loss. the insurance will just cover the amount I owe on my car so I will need to get a loan to get another car, anyone out there that is a Single parent been successful in getting a personal loan? Im not sure if the banks will look at me :(
So sorry to hear of your accident. I hope you're ok.
I haven't done it personally, however I do know of single parents that have got personal / car loans without any problems. I don't have any advice as to where you could go though. Good luck.
i recently spoke to westpac about a small loan for a course i want to do when i go on maternity leave (i didnt mention materinty leave)
Basically, you need a minimum income of 15,000PA to qualify for a loan, then your existing debts are taken into consideration.
But get this, i am a married (hubbies on a good wicket), i meet the income req for myself, but i couldnt get a small loan unless my husband applied for it :o
How does that work? I thought the 50's were long gone. :shakehead:
Perhaps you'll have more luck as a single woman :lol:
I've had all sort of loans, personal, car and house as a single person (and mum) - it's more about income than marital status.
GL
i really got the impression from the lady i spoke to that married women needed their husband to apply.:
she basically said that i probably wouldnt get the loan without him even though my income met the criteria. I dont have any debts, my husband pays the bills and mortgage from his wage, so i asked her why i couldnt apply... she really didnt have an answer. I think it might just be a westpac policy.
That would peeve me off ROYALLY Peg. I wouldn't have been very nice about it either :
I was quite peeved. And to think, westpac is run by a woman!:
Its just a bit insulting to my own independence. When you earn your own wage (even though its less then DH), you should be considered to be independent. If i wasnt working then i could understand it IYKWIM.
I've never had an issue, either now that I'm single or when I was married.
They'll loan me a heck of a lot more now that I'm single though... must be getting rid of that extra "weight" that's helped...
If that's Westpac's policy, I'd be going to another bank!
peg - come to think of it, when we were going to upgrade our car in 08 I went into a bank to see about borrowing $10k as we had the other $30k already sitting in the bank to go towards it. As the older car was in my name, and the new car was going to be in my name, dh & I thought we would just get the loan in my name. But nope, they wouldn't even look at my income! They said they don't consider FTB payments to be an income, and that my income from work was not sufficient and that I would need an extra $200 per week income to be eligible! This for a $10k loan, where the repayments are only $55 per week.
So we shopped around and I was approved elsewhere with NO problems. So it pays to shop around.
Im with Westpac also and they do take into account parenting payment single but unfortanately because i have 3 little ones and a mortgage and a credit card I couldn't service the loan myself, my ex partner has come to the rescue though and is going to try and go on the loan with me. He wants his children to be in a safe suitable car, bless his heart, even though we are seperated we still remain good friends
Yeah, i'll definately look else where if i decide to take out a loan.:
amazingly, it was only for $4,000 so the repayments wouldnt have been much.
thats great that he'll go on the loan with you... its good to keep the relationship friendly.:
Thats really good to know Ange. Have fun car shopping!
That's great news Ange.