Taking on finance at 65

mardatha

My OH is 65, with both a state and a private pension. He is looking at a new car, and wondering if he would get finance at his age?

Pollycat

The only way to know for sure is to ask.

I would imagine that different finance companies wouldn't all have the same criteria and it would also depend on how much the car costs, how much (if any) he will be part exchanging his old car in for, how long he wants to repay over, how much his private pension is (can he afford it, basically) etc etc.

I'd say it was less likely to be his age that is the issue, more likely his ability to pay.

But I may be wrong.

mardatha

ok thanks

Newly_retired

If he has a decent pension did he not get a lump sum when he retired?
Or with a decent pension income could he save up a bit towards changing his car?
Does he have any insurance policieis due to mature soon he might have forgotten about?
If all that fails, he still might get finance. I know I was offered it when I changed my car recently but did not need it.

rochja

I retired early at 57 and just got Ciroen 3 year interest free finance.

margaretclare

It depends entirely on what his credit rating is like. DH has no difficulty at all - he took a bank loan for our last car, paid it off much quicker than planned, then when we changed it again before Christmas he had no bother at all doing it again. He's 77 and his credit rating is A1+! It's much more to do with the credit rating, they're not allowed to discriminate on grounds of age.

zygurat789

rochja wrote: »

I retired early at 57 and just got Ciroen 3 year interest free finance.

There's no such thing as a free lunch, they just increase the price to cover the finance charge

mardatha

That's great ty - credit will be fine, we havent had any for years and years and years. Thanks, he thought they woud jsut say hes too old and thats it.

margaretclare

mardatha wrote: »

That's great ty - credit will be fine, we havent had any for years and years and years. Thanks, he thought they woud jsut say hes too old and thats it.

No, they're not allowed to say that.

There may be a difficulty in that you haven't had any credit for a long time. If you borrow money, and pay it off, that gives you a credit record. If you never borrow any money then, regardless of age and income, you are an 'unknown quantity'.

mardatha

Oh drat. Ok thanks x

margaretclare

mardatha wrote: »

Oh drat. Ok thanks x

Well, there's nothing to be lost by asking. At least, apply for a credit card and pay off the balance monthly. Even that will help.