Car Loan for Pensioners

In general, senior citizens and pensioners can also apply for a car loan. However, the conditions of the individual banks differ considerably in some cases. Above all, the maximum age for a car loan for pensioners is subject to significant fluctuations.

Some banks have already set the upper limit at 55 years, while other banks grant their loans up to the age of 65 or even 75. However, anyone over the age of 75 can usually no longer get a car loan for retirees. The risk of default appears to be too great for the banks.



Even with a car loan for retirees, you have to prove a regular income. The bank can only serve as security if your pension is sufficiently high. If this is not the case, the car loan for retirees is usually rejected.

Pensioners are only considered creditworthy if they can prove that credit bureau information is correct. Even small negative entries usually lead to a car loan for pensioners being rejected.

Improve credit opportunities

Improve credit opportunities

There are various ways in which retirees can significantly increase their chances of getting a car loan. The position of a guarantor is particularly suitable here. If they meet the relevant requirements, the children or grandchildren of the pensioner could take on this task.

If the pensioner dies before the repayment period expires, the surety can continue to pay the monthly installments due. He could also sell the vehicle, which would then have a value to the open loan amount. This would significantly reduce the remaining debt. However, it should be borne in mind that the car loses value over time.

If a guarantor is not available, there are a few other alternatives. For example, the pensioner could make the highest possible down payment when buying the car. A property can also serve as security.

Before deciding on a car loan for pensioners, a detailed comparison of the individual providers on the Internet is recommended. You should not only pay attention to the maximum age for the loan, but also to the interest rates.