đ Balloon Payment Due Soon?
If you:
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Are currently renting (house, unit or share house),
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Have a car loan with a balloon or residual payment,
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Need to refinance or roll the final amount into a new loanâŠ
Youâve got options â even if youâre not a homeowner.
â What Lenders Need to Refinance a Balloon Payment
To refinance your balloon, most lenders will want:
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Stable income (PAYG, ABN or Centrelink)
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Clean bank statements showing consistent rent and spending
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A balloon amount thatâs realistic based on your income
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The vehicle to still be in reasonable condition
đ Check your balloon refinance eligibility â no score hit
đ§ Tips for Renters With an Upcoming Balloon Payment
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Donât wait until the last week â start 30â60 days early
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Know your carâs current market value
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Consider paying part of the balloon upfront and refinancing the rest
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Avoid applying with multiple banks â 1 focused application is best
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Be transparent about your income and rental status
đ Explore Low Rate Car Loan Refinance Options
đ Can You Refinance Without Owning a Home?
Absolutely.
Plenty of renters get approved for balloon refinances â especially if:
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Youâve been making your existing repayments on time
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Your banking is free of payday loans or dishonours
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Your income comfortably covers the new loan
đ Can I Get a Car Loan Without Bank Statements?
đšđ§ Self-Employed Renters With Balloon Loans?
If you originally financed through your ABN or gig income, you may need a low doc loan to refinance â especially if income is hard to prove.
đ How Long Do I Need an ABN to Get Car Finance?
đ Final Word
Balloon payment due soon? Renting doesnât hold you back.
As long as your income stacks up and you apply early, you can refinance and keep the car â without the stress.
đ Apply online now â takes 60 seconds, no credit impact
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DISCLAIMER
The information provided on this website is general in nature only and has been prepared without considering your financial needs, circumstances and objectives and should NOT be construed as financial, taxation or legal advice. For more information, get in touch with our experienced partner brokers today.