Many people who are retired like the independence driving brings. However, many retired people may have strict budgets, as they are relying on pensions, retirement accounts, savings or government benefits. However, these people have many options when it comes to buying a car.
The kind of car that a retired person should buy depends on several factors, particularly financial situation. A retired person with a healthy income and few expenses has a far wider selection that a person on a tight budget with significant medical expenses. Before shopping, a retiree should make out his list of needs for the car and his income and savings for buying it.
Retirees on a limited budget might consider a reliable used car. Many economical used cards have safe handling, roomy interiors and good gas mileage. A retiree can browse the classifieds section of his newspaper.
Many people who purchase new cars and expensive used vehicles must take out a loan to support their purchase. If the retiree has good credit and a steady income, she may be able to get a car lease for a good rate. Many retirees have excellent credit ratings, gained through decades of paying off their loans on time. Retirees should check with both finance companies and auto dealerships about the possibility of taking out a loan.
If a retiree does not have the money to purchase a car with his own funds, he can approach a charity the provides cars to low-income individuals. Many cities have social service organizations and churches that provide cars for little or no cost to people who cannot afford a car on their own. Retirees should inquire at human services organization for a list of local programs.
How to Finance Older Cars
Financing an older used car usually requires a down-payment or trade-in. Expect higher interest rates than you would with a new car.
Can a Retired Person Get a Mortgage?
Federal law makes it illegal to deny a loan just because of someone's age. The Fair Housing Act of 1968 protects elderly...
Can Someone Collecting Unemployment Get a Car Loan?
Many people laid off from their jobs will be allowed to collect unemployment benefits to help them pay bills while looking for...
Can You Get a Car Loan If You Are Retired?
A lender looks at a borrower's income when deciding whether to make a loan. Even if you are retired and no longer...
Jobs for Retired People
The American Association of Retired Persons reports that in 2013, 40 million Americans age 44 to 70 were either pursuing a second...