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The car loan she couldn’t afford to repay

Lucy approached a car yard to buy a car, and the car yard approved the loan using one of their financial products. However, Lucy was on parenting payments, she hadn’t worked for a long time, and didn’t have the capacity to pay off any loan.

Because Lucy resided in one of the many funded areas, she approached Better Place Australia free financial counselling for help to get out of the mess that had been created.

Our financial counsellor, Christine, spent time investigating to see where it had all gone wrong, including why the car yard approved a loan for her in the first place when she didn’t have the capacity to repay it.

Watch the case study video below.

For a more detailed account, listen to the podcast.

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