Ageist!

landsker

I'm 82, approaching 83 and many loan companies will not even consider me for a loan.
I'd quite like to replace my aging car, but would want fairly modest finance.
Has anyone found a solution to this?
NB... Not blooming Amigo loans!!!

Willing2Learn

Don't know whether or not the link below will help you. It was something I just quickly googled:
https://www.lendingexpert.co.uk/loans/secured/pensioners/

There is also equity release:
https://www.nationwide.co.uk/products/mortgages/borrowing-in-later-life/equity-release

Edit
Saga: What is Equity Release?

ReadingTim

Not the answer you probably want to read, but statistically speaking, you're probably likely to die before the car does.

Lenders prefer to lend to those who are likely to remain alive throughout the term of the loan, and you're already at, or are exceeding average UK life expectancy. That's not ageist, just common sense from a business perspective.

Red-Squirrel_2

https://www.justpark.com/creative/reaction-time-test/

Shakin_Steve

Banks are ageist? Swines!

But it really doesn't matter. You are far too old to be driving anyway


Where's me tin hat? :embarasse

Silvertabby

Sadly, unless you have a good occupational pension (in which case you'd probably have enough in savings to be able to buy a modest car outright) then your pension income probably isn't enough to repay the loan and live on.

It's not an age thing - it's an income thing.

societys_child

Red-Squirrel wrote: »

https://www.justpark.com/creative/reaction-time-test/

I've slowed down a bit, I apparently have the reactions of a 37 year old.


Humm, not bad considering I've just had a couple of glasses of wine, and I'm 71 :rotfl:

Shakin_Steve

I have the reaction time of a 29 year old. And a 32 year old. And a 34, 37, 42 and 45 year old. Guess if I keep doing it I can fill all the numbers in between as well.

Potbellypig

Red-Squirrel wrote: »

https://www.justpark.com/creative/reaction-time-test/

I got younger within mintes. Get in!

Niv

I just keep getting 'we are not sure if you are an actual human being' which is little in-nerving...

PRAISETHESUN

I doubt they are discriminating purely on age (that would be illegal!). Instead it'll be an issue with affordability as has been alluded to by the previous posters. If you are living entirely off your pension, the lenders are probably going to score you quite low so you are unlikely to get a good finance deal...