• Publish Your article
  • Editorial Policy
  • Contact
  • Advertise
Friday, October 3, 2025
No Result
View All Result
UK Herald
  • Home
  • Politics
  • Business
  • Entertainment
    • All
    • Sports
    England rugby stadium Twickenham given new name after more than 100 years in shock new deal

    England rugby stadium Twickenham given new name after more than 100 years in shock new deal

    Peter Morgan dead at 65: Former Wales and Lions rugby star who became a politician passes away as club pays tribute

    Peter Morgan dead at 65: Former Wales and Lions rugby star who became a politician passes away as club pays tribute

    Horse racing tips: Unexposed Group 1 contender can stun the big guns at 14-1

    Horse racing tips: Unexposed Group 1 contender can stun the big guns at 14-1

    Woman ‘raped seven times by two French rugby stars who left her riddled with bite marks & with horror injuries’

    Woman ‘raped seven times by two French rugby stars who left her riddled with bite marks & with horror injuries’

    Horse racing tips: Gary Moore’s charge can gain revenge after falling last time out

    Horse racing tips: Gary Moore’s charge can gain revenge after falling last time out

    Ian Buckett dead at 56: Former Wales rugby star who was ‘admired and feared equally’ dies as tributes pour in

    Ian Buckett dead at 56: Former Wales rugby star who was ‘admired and feared equally’ dies as tributes pour in

    Horse racing tips: Bash the bookies with these longshots including 9-1 fancy

    Horse racing tips: Bash the bookies with these longshots including 9-1 fancy

    Shayne Philpott dead at 58 – New Zealand All Blacks rugby legend dies after suffering ‘medical event’

    Shayne Philpott dead at 58 – New Zealand All Blacks rugby legend dies after suffering ‘medical event’

    Horse racing tips: This 7-1 chance appears to have been laid out for race he won last year

    Horse racing tips: This 7-1 chance appears to have been laid out for race he won last year

  • Lifestyle
    • All
    • Fashion
    • food
    • Health
    • Travel
    What is Bleach or Facial, Best for Skin?

    What is Bleach or Facial, Best for Skin?

    Tourists are flocking to a mind-bending Chinese megacity where Google Maps doesn’t work

    Tourists are flocking to a mind-bending Chinese megacity where Google Maps doesn’t work

    An ESTA change has just made travelling to America more expensive for Brits

    An ESTA change has just made travelling to America more expensive for Brits

    The best Maldives alternatives that are cheaper — and three are in Europe

    The best Maldives alternatives that are cheaper — and three are in Europe

    Italy strikes for Gaza: What tourists need to know amid travel disruption in Rome and Milan

    Italy strikes for Gaza: What tourists need to know amid travel disruption in Rome and Milan

    ‘Dystopian’ cruise ship divides travellers — and gives a glimpse into the future

    ‘Dystopian’ cruise ship divides travellers — and gives a glimpse into the future

    Airline launches flights from £9 to European hotspots including Majorca, Alicante and Seville

    Airline launches flights from £9 to European hotspots including Majorca, Alicante and Seville

    I feel like a stranger in the UK after 21 years abroad

    I feel like a stranger in the UK after 21 years abroad

    Is it safe to travel to Poland right now? Latest advice after Russian drone attack

    Is it safe to travel to Poland right now? Latest advice after Russian drone attack

    I stayed at the new London hotel with immunity-boosting IV drips and a free photobooth

    I stayed at the new London hotel with immunity-boosting IV drips and a free photobooth

    Trending Tags

    • Golden Globes
    • Mr. Robot
    • MotoGP 2017
    • Climate Change
    • Flat Earth
  • Health
  • Opinion
  • Science
  • Tech
  • Crypto
  • Travel
  • Real Estate
  • Sports
  • More
    • Press Release
UK Herald
No Result
View All Result

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

by Justin Marsh
January 19, 2025
0
0
SHARES
Share on FacebookShare on TwitterReddit

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.

if(window.adverts) { window.adverts.addToArray({“pos”: “inread-hb-ros-inews”}); }

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 .

#color-context-related-article-3488221 {–inews-color-primary: #E33A11;–inews-color-secondary: #F7F3EF;–inews-color-tertiary: #E33A11;}

Read Next

The five things which could replace the triple lock
square TRIPLE LOCK

.inews__post__label__explained{background-color: #0a0a0a;color: #ffffff;}Explained

The five things which could replace the triple lock

Read more

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.”

if(window.adverts) { window.adverts.addToArray({“pos”: “mpu_mobile_l1”}); }
if(window.adverts) { window.adverts.addToArray({“pos”: “mpu_tablet_l1”}); }

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.

if(window.adverts) { window.adverts.addToArray({“pos”: “mpu_mobile_l2”}); }
if(window.adverts) { window.adverts.addToArray({“pos”: “mpu_tablet_l2”}); }

“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.”

if(window.adverts) { window.adverts.addToArray({“pos”: “mpu_mobile_l3”}); }
if(window.adverts) { window.adverts.addToArray({“pos”: “mpu_tablet_l3”}); }

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.

if(window.adverts) { window.adverts.addToArray({“pos”: “mpu_mobile_l4”}); }
if(window.adverts) { window.adverts.addToArray({“pos”: “mpu_tablet_l4”}); }

Source

Tags: applyingcarchallengescombatfaceFinanceover60s

Related Posts

MCLAREN 750S JC96 Edition is created special for japan

MCLAREN 750S JC96 Edition is created special for japan

by Justin Marsh
September 13, 2025
0

A new Limited Edition JC96 version of the mclaren 750s has been revealed, aimed solely at japanese enthusiasts. The 750s JC96 is a tribute to the mclaren f1 gtr race cars that...

30M Drivers Could Be Given Car-Finance Compensation Worth £ 18bn, MPS Told

30M Drivers Could Be Given Car-Finance Compensation Worth £ 18bn, MPS Told

by Justin Marsh
September 10, 2025
0

Millions of consumers could be eligible for compensation under the financial Watchdog's motor finance redress scheme, its boss sa.The Compensation Scheme was set up after the supreme court -right that some car...

Over 12,500 UK Streets Demand Urgent Access to EV Charging

Over 12,500 UK Streets Demand Urgent Access to EV Charging

by Justin Marsh
September 7, 2025
0

Things of UK Motorists are Demanding Better Access to on-Street Charging for Electric Vehicles. More than 12,500 drivers have registered a need for accessible charging devices Via Vauxhall's Electric Streets Scheme. FIRST...

Meet Colton Herta: America's Newest F1 Star

Meet Colton Herta: America's Newest F1 Star

by Justin Marsh
September 4, 2025
0

The Fledgling Cadillac Formula 1 Team Has Announced That Indycar Racer Colton Herta Will Serve as Its Official Test Driver for 2026. It marks a substantial change for a driver who has...

Most gen z drivers feel anxious about using petrol stations

Most gen z drivers feel anxious about using petrol stations

by Justin Marsh
September 1, 2025
0

The task of heading to a petrol station to refuel causes anxiety for 39 Percent of Uk Car Drivers. Anxious about refueling is even Greater Among Younger Drivers, With Almost Two Thirds...

Aston Martin Vantage S is F1's New Official Safety Car

Aston Martin Vantage S is F1's New Official Safety Car

by Justin Marsh
August 29, 2025
0

The formula 1 grid will be followed by a new official Safety Car this weekend, with the debut of the Aston Martin Vantage S. Taking up the reins at the 2025 Dutch...

Next Post
Week-in-Review: The many problems with Kemi Badenoch’s ‘new’ leadership

Week-in-Review: The many problems with Kemi Badenoch’s ‘new’ leadership

Popular News

What is Bleach or Facial, Best for Skin?

What is Bleach or Facial, Best for Skin?

October 3, 2025
Animal health ‘fundamental’ to rebuilding trust with rural communities, says Labour MP

Animal health ‘fundamental’ to rebuilding trust with rural communities, says Labour MP

October 2, 2025
Tourists are flocking to a mind-bending Chinese megacity where Google Maps doesn’t work

Tourists are flocking to a mind-bending Chinese megacity where Google Maps doesn’t work

October 1, 2025
Labour branded ‘nasty party’ after minister calls Ed Davey ‘fat bloke in wetsuit’

Labour branded ‘nasty party’ after minister calls Ed Davey ‘fat bloke in wetsuit’

September 30, 2025
Newsletter tips from the New York Times: Visuals, strong host, short, intimate

Newsletter tips from the New York Times: Visuals, strong host, short, intimate

September 29, 2025
Renewing the message: how can Labour fix its broken comms?

Renewing the message: how can Labour fix its broken comms?

September 28, 2025
An ESTA change has just made travelling to America more expensive for Brits

An ESTA change has just made travelling to America more expensive for Brits

September 28, 2025
UK Herald

All Rights Reserved © UK HERALD - The Voice of UK

Important Links

  • Publish Your article
  • Editorial Policy
  • Contact
  • Advertise

...

No Result
View All Result
  • Home
  • Politics
  • UK News
  • Business
  • Science
  • National
  • Entertainment
  • Gaming
  • Sports
  • Fashion
  • Lifestyle
  • Travel
  • Health
  • Food

All Rights Reserved © UK HERALD - The Voice of UK