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3.5 years

Zuto is a credit broker, not a lender. Our rates start from 8.9% APR. The rate you are offered will depend on your individual circumstances. Representative Example: Borrowing £9,000 over 60 months with a representative APR of 20.9% the amount payable would be £234 a month, with a total cost of credit of £5,047 and a total amount payable of £14,047.

Zuto Limited. Registered in England under number 05722976. Registered office: Winterton House, Winterton Way, Macclesfield, Cheshire SK11 0LP. Zuto Limited is acting as a broker and not as a lender. Authorised and regulated by the Financial Conduct Authority, registration number 452589. Zuto can introduce you to a limited number of finance providers, based on your credit rating, Zuto won't charge you anything for this service, but do get a fee from the lender which varies based on the product or amount borrowed.

Can you get car finance if retired?

Retirement can be an ideal time for rewarding yourself with a new car. With more time at your disposal than ever before, you’ll be able to make the most of any vehicle you buy. You might not be in a position to purchase a vehicle outright and may therefore be wondering ‘can you get car finance if retired?’ The answer is yes – there are lenders willing to offer finance to people who are retired.

Common misconceptions of car finance

Many people mistakenly believe that a deciding factor of securing a car finance agreement is being in regular employment, and this can leave people who are retired feeling uncertain.

While finance companies do welcome those in employment, it is not the job itself that is an asset but the regular monthly income it provides. If you are retired and have regular income (such as a personal pension), a lender will consider this comparable to a job.

There are many other factors that a finance company will take into consideration when making a decision to approve your application. Your credit history will be searched to decide the risk level of lending to you, and if you have a good to excellent score, then securing finance shouldn’t be difficult.

If you’re retired and have a poor credit score, or perhaps have experienced problems with payments in the past, there is still a chance that you will be able to get finance for a car.

Ways to improve your credit score and increase chances of getting finance

There are many methods to improve a poor credit history. Repaying existing debts fully and on time will show you can manage your borrowing responsibly. Setting up direct debits so that you are not late with your outgoings is also useful, as is the use of prepaid-style credit cards. These cards allow you to put money onto them and, when you use the card for purchases, it improves your credit rating.

If you are not already on there, make sure your name is on the electoral register – finance companies like to be able to see that you’re registered before lending.

While you shouldn’t give up if you’re unsuccessful in your early attempts to obtain a finance agreement, ensure you stagger the applications you make, as a quick succession of failed attempts to obtain credit can harm your rating.

Online affordability calculators

If you’re retired, prior to making an application for car finance, you can make use of our online calculators to estimate your affordability. All you need to know is how much you want to borrow, over how many years, and the amount per month you can manage to repay.

Important information

Before you make any applications, ensure you possess all the relevant information you require. You will need to provide a valid UK driver’s licence in your name, proof of your address (preferably one you’ve been a resident at for over three years) and documentation that shows and supports your monthly income, which may be from a personal pension.

Expert advice on finance agreements

We specialise in finding exceptional finance agreements bespoke to your unique circumstances. If you are currently retired and seeking car finance, we can assist you by offering access to lenders who consider applications from car buyers in different situations.

We believe in making car finance as accessible as possible. If you are looking to make affordable monthly payments on the make and model of your choice in retirement, you can contact us for assistance. Our experts will also be happy to answer any questions you may have on this topic.

Other related FAQs

Looking for more related content to this? We’ve picked a selection of related topics that you may find helpful

Yes, it is possible to have more than one car finance agreement in place, as long as you can show lenders that you’re able to make the necessary repayments.

Whether or not you can get finance depends on a few different factors. Generally though, if you’re between 18 and 79, you’ll be able to apply for finance – and our range of lenders means we can almost always find a deal to suit you.

It is possible to get a car loan if you have a temporary job, but it may be harder to do so than if you had permanent employment.

Unfortunately, you can’t get a car loan at the age of 17. However, there are alternative options to consider.

Yes, car finance agreements can be taken out in joint names.

It isn’t always easy, but it is possible to secure car finance if you are on disability benefits.

It is possible to get car finance for your son or daughter, and there are a number of ways to do this.