You are now retired after many years of working, it is time for you to enjoy the fruits of your labour and that means do the things you want to do and buy the things you want to buy. A lot of retirees will eventually want to purchase a new vehicle, whether it is for pleasure or just something new and efficient for daily errands. You may wonder, are there any specific expectations or requirements are needed in order to obtain a car loan as a retiree? Much like everyone else, your credit status and affordability would be the primary focus.
Credit status is always important as that will dictate the level of difficulty and also conditions to an approval. The better the bureau, the better the outcome. Affordability ties in with income and also your monthly obligations (monthly payments on credit card, rent/mortgage, phone bills etc…) As a retiree, you technically do not receive any income but nowadays, lenders do recognize CPP as a garnish-able income which would supplement the equation. Depending on your affordability, the bank will give you a monthly payment allowance, which will steer you into a certain selection of cars, if you would like to broaden your options, you can also put a down payment.
Retirement is the beginning of a new chapter in your life. Allow Autorama to get you into the vehicle of your choice. To get approved for your car loan, please fill out our online no obligation application https://www.autorama.ca/financing/ or call 416-639-4899 and speak with one of our financing specialists.