Personal Finance

Car loan/lease for elderly person

  • Last Updated:
  • Jun 15th, 2010 11:59 am
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[OP]
Sr. Member
Sep 9, 2005
671 posts
44 upvotes
Toronto

Car loan/lease for elderly person

Just wondering if anyone here has any knowledge/advice on what the general attitude/rules are for car loans when it comes to elderly people? Either through the dealer or bank.

My mom is 82. Quite an age I know, but she is very active and healthy. Her car just died after about 12 years (just quick shopping trips etc.).

Will any dealership/bank even consider her for a loan or lease at that age? She's been driving accident free for 50+ years, has impeccable credit (not so much as a phone bill paid late, EVER) etc.

She wants to put a few thousand down, but doesn't want to outlay the full cost of a car. She'd be happy with a used vehicle as long as it is not too old and is reliable.

Should she even bother looking into financing or is it a waste of her time. Unfortunately, I live in another province, so just trying my best to give her whatever advice I can but I'm not very familiar with this area of finance.
5 replies
Deal Addict
User avatar
Sep 26, 2007
3960 posts
143 upvotes
SC
I'm slightly confused...are you talking about a loan for a car or car insurance?

I believe a loan can't be denied because of age, however i would make an assumptions though. she won't be able to get a loan for the full value of the car. I could be wrong.

if i can make a recommendation, i say pick a toyota :)
Banned
Mar 8, 2010
251 posts
if she has a monthly income, i don't see why they would deny her anything
Salinger wrote:
Jun 13th, 2010 10:06 pm
Just wondering if anyone here has any knowledge/advice on what the general attitude/rules are for car loans when it comes to elderly people? Either through the dealer or bank.

My mom is 82. Quite an age I know, but she is very active and healthy. Her car just died after about 12 years (just quick shopping trips etc.).

Will any dealership/bank even consider her for a loan or lease at that age? She's been driving accident free for 50+ years, has impeccable credit (not so much as a phone bill paid late, EVER) etc.

She wants to put a few thousand down, but doesn't want to outlay the full cost of a car. She'd be happy with a used vehicle as long as it is not too old and is reliable.

Should she even bother looking into financing or is it a waste of her time. Unfortunately, I live in another province, so just trying my best to give her whatever advice I can but I'm not very familiar with this area of finance.
Sr. Member
User avatar
May 17, 2007
667 posts
61 upvotes
Toronto
If she doesn't care about what kind of car I would get her to take a look at www.leasebusters.ca

I know a few people that have gotten great deals off there. As long as you are flexible with the car you can get a really good deal. If you are looking for a specific car better to go to a dealership
Deal Fanatic
User avatar
Apr 16, 2007
6811 posts
1684 upvotes
Financial District B…
as already mentioned her (provable employment) income will dictate is she qualifies for an auto loan or not.
We see lots of elderly customers wishing to finance cars. Unfortunately the majority of them get declined. Not because of age or poor credit but because most of them rely on pensions, ODSP, etc for income.
[OP]
Sr. Member
Sep 9, 2005
671 posts
44 upvotes
Toronto
Thanks for all the feedback guys. Happy to report she went to the dealer and was approved on the spot. She went for new because of the full 5 year warranty and even free roadside assistance for 3 years. At her age that is nice piece of mind.

Just posting for others who might be in a similar situation and had the same concerns we did. She only has pension income, but zero debts and owns her home with no mortgage.
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