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Car finance for pensioners?

  • 13-09-2021 5:10pm
    #1
    laxonmack
    Registered Users Posts: 5 ✭


    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



Comments

  • #2
    road_high
    Registered Users, Registered Users 2 Posts: 19,433 ✭✭✭✭road_high


    Seems strange to me as from observations the biggest new buyers of the models you list tend to be pensioners. Unless they all buy with savings which I doubt these days?



  • #3
    Atlantic Dawn
    Registered Users, Registered Users 2 Posts: 83,146 ✭✭✭✭Atlantic Dawn
    M


    Have you tried a loan from the credit union instead?



  • #4
    laxonmack
    Registered Users Posts: 5 ✭laxonmack


    The Credit Union all seem to want me to put up my house as collateral which I am not prepared to do, I worked to hard to get mortgage free.

    But thanks for the suggestion



  • #5
    [Deleted User]
    Posts: 1,344 ✭✭✭ [Deleted User]


    https://www.boards.ie/discussion/comment/117886046#Comment_117886046

    Is PCP an option?????????? I appreciate it's not an ideal system for purchasing a car but 'needs must' ????



  • #6
    AnRothar
    Registered Users, Registered Users 2 Posts: 581 ✭✭✭AnRothar


    https://www.boards.ie/discussion/comment/117886046#Comment_117886046

    Seems weird.

    I assume you applied for car loan?

    Or was it a personal loan and you lack corresponding shares?

    Also I assume the sort "all" after Credit Union is a typo or have you approached several different Credit Unions?

    My MIL has no issue getting car loan earlier this year and she is 73.



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  • #7
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,363 Mod ✭✭✭✭Jim2007


    https://www.boards.ie/discussion/2058208654/car-finance-for-pensioners


    Companies don't want to lend to pensioners because if should they die the company is unlikely to be able to recover the principle and costs from the estate, it's as brutal as that. If you need to borrow it means your estate won't have ready cash to pay them back and they become one of the creditors of the estate, they pay get paid in full or they may only get cents to the Euro. So the don't want to take the risk.

    Any chance you could get a family member to go guarantor on a loan?



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