Car finance for Pensioners

laxonmack

Hi everyone, just wondered if anyone could help.

We (my wife and I) are both on Irish pension and are trying without success to get finance for a new car. Nothing fancy just a basic bottom of the range small car, Micra, Yaris etc.

We do not have a mortgage and no outstanding loans of any kind. We are able to repay €400 per month and wanted finance over 3 years. We have a trade in valued at €6000 and have a further €3000 deposit which would amount to nearly 50% of the value of the car but after trying 3 different companies have given up.

I do not understand why these companies will not lend to pensioners? I have checked our credit rating and we are all clear.

Just wondered if anyone else is in the same boat or if anyone knew of a way around this, I would be very grateful.

Many thanks

Mack

Deagol

https://www.boards.ie/discussion/2058207334/car-finance-for-pensioners

https://www.irishtimes.com/business/personal-finance/borrowing-money-in-our-70s-on-a-state-pension-1.4617274

But to me, unless you have something more than just the state pension, 400 a month is very high vs your income. I'm not a financial expert of any type though!

Spear

Try the personal banking forum instead:

https://www.boards.ie/categories/banking-insurance-pensions