Help & Advice

Car Finance for Retired People

Hi, Both my wife and I are retired pensioners in our 60s, we are on a fixed joint income of about £ 22000.00 per annum. We are home owners with no mortgage. Would we qualify for a car loan? Regards, Ken

John Patrickson


Answer

Hi Ken, thank you for your question. As long as your credit history is clean we will be able to get you approved for car finance and at a good rate to even though you and your wife are retired. How much are you looking to borrow and over how long? Regards, Rachel

Answer correct as of September 2016

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In this illustration your credit score is set to

Best available rate
Total repayment
Total cost of credit

Best available rate

Total repayment

Total cost of credit

We compare products from 18 of the UK's top lenders to get you the best deal.

Representative example. Excellent Credit

Borrowing £7,500 over 48 months with a representative APR of 16.8%, an annual interest rate of 16.8% and a deposit of £0.00, the amount payable would be: £211.25 a month, with a total cost of credit of £2,640 and a total amount payable of £10,140.

CarFinance 247 is a broker and not a lender

More related questions

Can we get car finance although we are retired and living on pensions? We really need to change our car!

Answer

Hi Richard, yes you can obtain car finance even though you are retired as long as you have a good credit record/history. Is this the case? Kind Regards, Rachel

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Hi, I'm a retried person and i have just sold my house to move into a rented house. I have no debts and I lent all my money from the sale of my old house to my nephew. Would I be able to get finance?

Answer

Hi Daniel, as long as you have a good credit history we'll be able to get you approved for a car loan. Please apply on our website and we'll be in touch asap. Kind Regards, Rachel

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Hi, I'm 43 and medically retired on benefits and have a small personal pension totalling£12000 a year. My experian rating is fair and i'm looking for £5000 over 5 yrs for a Landrover Defender.

Answer

Hi Darren, as long as you have a good credit history we'll be able to help you with no problems at all. Is this the case? If not we may struggle as all our fair / poor credit lenders need to see proof of income. Kind Regards, Rachel

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I have a couple of defaults but no ccjs and my experian score is 795 and rated fair. The bulk of my income is benefits.

Answer

Hi Darren, the defaults may cause us an issue here as the lenders we can get you passed with need you to have an excellent credit rating. How long ago did you get the defaults? Rachel

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Hi. I've been turned down everywhere for car finance. My mother is retired but would be willing to act as guarantor. How do i go about this?

Answer

Hi Mrs. McKinnon, when making an application on our website you have the choice to make it a joint application. This is where you can add your mother on as a guarantor. It doesn't matter that she is retired. Where have you applied online and been declined? Rachel

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Hello, i'm looking to finance a car at £36,995, with a deposit of £16,995. The loan calculator won't let me work this out with the deposit, I don't mind not putting a deposit down, this is irrelavent, however thought a sizeable deposit would be beneficial. I have an impeccable credit history and i own my house outright. I am a retired gentleman so i have no proof of income, can you see this being a problem, thanks Ken.

Answer

Hi Ken, Without proof of income we would need you to have near on perfect credit in order to be approved. If this is the case then please make an application so we can get you into that vehicle! Thanks Rachel

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I am 74 and have a private and state pension. Will I be able to get credit on a car of approximately £5000 over four years? I do have a property in Scotland with no mortgage. What will the repayment be?

Answer

Hi Beryl, Thank you for your question

The fact that you own a property is great, and should help your application. Repayment amounts will vary dependent on your credit history. Provided you have good credit, we can try our best to help you!

Please make an application when you're ready and if approved we provide a no obligation quote and you can buy a car from any dealer. Kind Regards, Rachel

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Asset 1 Just get in touch,

we'll try to help Asset 2

Rachel Wilson, Underwriting Manager

Set your budget

£
4 years

In this illustration your credit score is set to

Best available rate
Total repayment
Total cost of credit

Best available rate

Total repayment

Total cost of credit

We compare products from 18 of the UK's top lenders to get you the best deal.

Representative example. Excellent Credit

Borrowing £7,500 over 48 months with a representative APR of 16.8%, an annual interest rate of 16.8% and a deposit of £0.00, the amount payable would be: £211.25 a month, with a total cost of credit of £2,640 and a total amount payable of £10,140.

CarFinance 247 is a broker and not a lender