Who says age don't affect a loan

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chrispy1
chrispy1 Posts: 66 Forumite
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I'm thinking of getting a new car. A month I used the Eligibility Calculator on this site and found the my bank was one of the ones I was likely to get a loan from. I then decided to put it off till after a pre planned holiday. Today after the holiday I checked the calculator again. My bank was now down around 10th or 11th. In fact there was nothing higher 80% chance now.
The only thing that had changed was my age. When I first checked I was 63 now I'm 64.
I checked my wife on the calculator who's 3 years younger but earns less than me and she had an offer for the same amount with a 95% chance of getting it.
So who says age don't effect the chance of getting a loan.
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  • Robisere
    Robisere Posts: 3,237 Forumite
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    Does not help you I know, but useful information for all those approaching or over 64: it may be a "cut off" point. I suppose they have to draw a line somewhere.

    But it is annoying, especially for the growing number of people who will either be unable or unwilling to retire at 65.
    I think this job really needs
    a much bigger hammer.
  • buglawton
    buglawton Posts: 9,235 Forumite
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    Sounds like your bank hasn't been updated with the current official UK retirement age.
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
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    chrispy1 wrote: »
    So who says age don't effect the chance of getting a loan.

    Hopefully no one. I would hope they say that age doesn't affect the chance of getting a loan.
  • robber2
    robber2 Posts: 558 Forumite
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    buglawton wrote: »
    Sounds like your bank hasn't been updated with the current official UK retirement age.

    Theres been no such thing in the Uk for 6 years now
  • badmemory
    badmemory Posts: 7,791 Forumite
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    I think the mistake here is going to your bank. I got 2 interest free for a year loans (bathroom & car) totalling 1.5 times my annual income at 69. Also you don't mention how long the loan was going to run for, that may actually be the problem.
  • iolanthe07
    iolanthe07 Posts: 5,493 Forumite
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    The prejudice of banks against older borrowers is really strange. I am over 70, but I have never been so financially secure as I am now, with guaranteed inflation linked final salary pensions, yet I would probably be turned down for a loan if I needed one. I suppose they're thinking that I might peg out any day and they won't get their money back!
    I used to think that good grammar is important, but now I know that good wine is importanter.
  • discat11
    discat11 Posts: 527 Forumite
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    robber2 wrote: »
    Theres been no such thing in the Uk for 6 years now

    There IS a point there though - I don't know of any mortgage for example that accepts the pension age to be above 65 either.

    I remortgaged last year and could only get a 14 year term as they wouldn't go beyond 65.
  • Gambler101
    Gambler101 Posts: 580 Forumite
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    iolanthe07 wrote: »
    The prejudice of banks against older borrowers is really strange. I am over 70, but I have never been so financially secure as I am now, with guaranteed inflation linked final salary pensions, yet I would probably be turned down for a loan if I needed one. I suppose they're thinking that I might peg out any day and they won't get their money back!

    It could have something to do with them getting stuffed if the borrower dies a lot of the time lol
    The instructions on the box said 'Requires Windows 7 or better'. So I installed LINUX :D:D
  • badmemory
    badmemory Posts: 7,791 Forumite
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    I think that apart from banks they see home owner over 70 - if they pop their clogs we will get our money back. I've no idea what my credit report says but, apart from a credit card in everyday use & normal utilities, I would think not very much. But I am in the fortunate position (like iolanthe I have never been so financially secure since retirement - no-one can make me redundant or sack me) that I take interest free loans and pay them off before they start to charge. After all why should I remove savings from the pathetic interest rate savings accounts if I don't have to.

    Maybe the banks think state pension could get cancelled & your private pension stop paying out. Banks as always pretty much a law unto themselves.
  • Pixie5740
    Pixie5740 Posts: 14,515 Forumite
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    I thought all pensioners were poor which is why you get a raft of benefits including a triple locked state pension. ;)
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