Personal loans for older people?

wamble321

sheramber said:

Is £10k His total savings or only part? 

He has about another £4-5K which he wants to keep as an emergency fund.

wamble321

sourcrates said:

I would say he would be looking at a product such as equity release to obtain a loan of that size at his age.

I think your expectations of obtaining funds from a conventional source would be wildly optimistic.

It's a shame that it is considered to be wildly optimistic though isn't it?

In his case he has all the risk factors covered but it just seems to be his age that's the only barrier because that's what the loan companies get to choose.

He'd even be happy to take it as a secured loan but we don't anticipate much joy with that route either...

He has said that he doesn't want equity release after reading too many horror stories about them.

wamble321

bazdvd said:

cant he buy an old lexus? would still be comfortable to sit in?

Haha, I tried that one but he was having none of it. I personally will never buy brand new again after the trouble it got us in, but he loves the idea of new car and wants us to explore every avenue to try and make it happen. 

bazdvd

why not use one of the premium taxi companies that use luxury cars to take him out for a joy ride?
Would a new Lexus be only used for FIL for trips out or would you and your wife be using the car as your own?

wamble321

bazdvd said:

sound like you are trying to take advantage of him. 

Thanks for sharing your unsolicited and unkind assumptions about our motives. Fwiw we have our own car for our use.

If you have any answers to my actual query then go ahead otherwise please keep your judgement to yourself.

We have talked this through plenty with my FiL and it is not our job to convert him to our (or your) way of thinking. I came on here for advice to navigate the financial jungle to give an old boy a happy last few years not solicit condemnation for trying to help. Should've known better I guess.

XRS200

Sorry if I missed it but have tried Lexus for a PCP?

eschaton

If it’s what he wants then you can’t deny him that as long as you’re happy with the insurance fraud. It be insuring it properly. You don’t want to write it off and end up with scrap for £45k. 

Isn’t straight HP not an option? They are normally pretty relaxed if there’s plenty of equity. I bought a car in 2010 and had to take finance as it was 0%. Borrowed £14,200 against value of £25,500 and approved without the blink of an eye. Outside of that, a secured loan is the only option but that would probably incur fees with the security. 

wamble321

as long as you’re happy with the insurance fraud. 

Please explain this as we think we're adequately covered now so we were planning on keeping it just be the same on the next policy. FiL is the registered keeper of the vehicle but we have openly told the car insurance people that he doesn't ever drive it. He chose to nominate my wife as main driver and me as an additional. 
She is his full-time main carer and is the one who drives him to most appointments etc. so that is the way we were told to do it.

wamble321

Thanks for the advice folks, we assumed that HP/PCP was off the cards (thanks to Dr Google) but maybe it's worth a shot talking it through with a dealer.

fwor

wamble321 said:

he loves the idea of new car and wants us to explore every avenue to try and make it happen. 

Probably the best course of action would be to explain to him that, because of his age, it's not going to happen. 

No lender (other than an equity release lender) wants to be in the situation of trying to recover a debt from the estate of a deceased borrower, and statistically there's a very high chance that would be the outcome in this case. So you will just get declined with any mainstream lender. The only realistic option is equity release, which (of course) would come at a high price (to the estate).