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The challenges over-60s face applying for car finance – and how to combat them

by Justin Marsh
January 19, 2025
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Over-60s face “unique challenges” when trying to secure car finance deals, according to experts, with many charged higher rates than their younger counterparts.

Around 1 in 10 lenders may reject applications on an age-related basis, according to data from comparison website Car Finance Saver.

And those with affordability risks – perhaps because they rely on pension income – can also face higher interest costs too, leaving them paying more than their younger counterparts.

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With money tight across the board, especially for many retirees struggling with the cost of living, any extra cost will be hard to swallow.

However, if you are a retiree or close to retirement, it's still possible for you to get a car finance deal at a good rate.

What barriers do over-60s face?

Age isn't “explicitly” used as a factor in lending decisions, but it's “undeniable that those over 60 will face some unique challenges or barriers when applying for car finance,” according to Pete Ridley, a car finance expert at Car Finance Saver .

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He says: “One such barrier is that many lenders implement upper-age limits on their products, often refusing finance to applicants who will be over 75 by the time the agreement ends.”

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He also says that while car financing won't inherently cost more for older applicants, the terms offered may be less favorable, often leading to higher overall expenses.

“Interest rates might also be elevated for those who don't pass affordability checks with flying colors, making financing more costly by default,” he says.

Those with the best credit and easily passing affordability assessments can expect to pay an interest rate of 5.25 per cent to 6 per cent, which means monthly payments of £322 to £333 over six years if borrowing £20,000.

Those with some affordability risks may get offered rates of 12 per cent or more though, resulting in payments that could be over £370 per month.

“Retirees relying on a small fixed pension income or various benefits are at a higher risk of being offered less favorable terms due to affordability concerns,” he says.

Matt Sanders, finance expert at Go.Compare, said: “The biggest consideration loan providers take into account when accepting any kind of finance application is the person's credit score and the loan's affordability.

“Most borrowers over 60 are likely to have fewer financial commitments and dependents, and therefore will have a better affordability score than younger borrowers, who may have more financial overheads such as a mortgage, children at home etc.

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“This means that providers can't decide a rate or decline a loan based on age alone. Their risk acceptance is based on a broader view of a borrower's financial position which changes with age – sometimes for the better and sometimes for the worse.”

Liz Hunter, director at Money Expert, adds: “While it's not impossible to get car finance over the age of 60, it may still be more difficult and there may be less choice available to choose from.

“This is because fewer lenders are more likely to offer you car finance and those who do, are more likely to offer shorter terms and higher interest rates due to the increased risks involved compared to lending to younger borrowers.”

What can you do as an over-60 to get better rates?

As an over-60, there are many things you can do to try and ensure that you get a better deal when applying for car finance.

The first is to make sure that you shop around between multiple lenders to find one that will offer you the best rates, including looking at specialist lenders.

“There are plenty of lenders out there willing to offer car finance or loans to over-60s to make car finance more accessible. It just means that you'll need to do more research and shop around to find the best deals,” says Ms Hunter.

Aidan Rushby, founder and CEO of car finance provider Carmoola, adds: “The cost of borrowing can sometimes be higher for older applicants due to the way risk is assessed in traditional lending. This highlights the importance of shopping around and considering new-generation lenders who consider people on a case-by-case basis.”

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Another option could be looking at shorter-term agreements. “Opting for shorter loan terms can increase eligibility for those over 60. A three-year finance agreement, for example, is often more accessible than a five- or seven-year term for older applicants. However, it may be more costly, so it's best to weigh up the options before deciding,” says Mr. Ridley.

Looking at secured loans or guarantor finance is another possibility. “For individuals with assets like property, secured loans might offer a way to access better rates and secure good finance. By providing collateral for the finance, such as a car or a house, drivers can reduce their perceived risk to lenders, who are more likely to provide a loan if they have a way to recover their losses should payments cease.”

According to price comparison website MoneySuperMarket, leasing a vehicle can be another option for those looking for a motor.

“Leasing can be a good option if you're wary of a long term commitment and like to drive new cars every few years,” the price comparison website says.

“It allows individuals to drive newer models without the long-term financial commitment of ownership, which can be especially appealing later in life,” explains Mr. Ridley.

Other tips include checking your credit score and trying to improve it if it is on the lower side.

It is also important to pay off any debt when you can – this will also improve your credit rating and mean you are more likely to get a better deal.

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Tags: applyingcarchallengescombatfaceFinanceover60s

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