Driving provides an element of freedom that is unmatched. Being able to get in the car and drive anywhere, whether that’s to run errands, visit family, or enjoy an adventurous retirement is incredibly desirable for pensioners who wish to preserve their independence. As long as driving is still a suitable option with very few health restrictions or limitations, having a car is an asset to pensioners. With this in mind, is it worth considering car leasing as an option?
Let’s discuss car leasing for pensioners.
The benefits of car leasing for pensioners
Firstly, there are a number of advantages that car leasing provides older drivers. One of the key benefits being, car leasing allows drivers access to newer and safe models in a budget-friendly way. For older drivers, safety is a key consideration. Driving a car that is enhanced with the most modern technology and safety features is sure to provide some peace of mind both for the driver and their families.
Since car leasing is also a shorter term financial commitment, it is ideal for pensioners who may be on fixed annual incomes with limited cash to buy a car outright. With car lease deals from as little as £150 per month, pensioners with limited income can still choose from a wide range of makes and models.
Are there restrictions on car leasing for older people?
With the right documentation, a demonstrated credit history, and proof of personal details as well as a driving licence, car leasing is an option for all drivers. Older drivers shouldn’t avoid applying for a car leasing contract assuming that they will be declined, in fact, many older drivers over the age of 65 can and will be accepted for a personal car leasing contract.
The only factor to consider when signing a contract is ensuring that the driver’s licence is still valid. Drivers over the age of 70 will automatically have to renew their licence every 3 years to ensure they are still capable of driving a vehicle. This law is in place to protect both the driver and other road users. If it is time to give up the licence, drivers can easily terminate a car leasing contract by returning the vehicle to the lender. However, depending on the duration of the contract, some fees may apply.
Retiree credit checks
No matter the age of the applicant, in order for a car leasing contract to be processed, the applicant must undertake a credit check. This credit check allows both the applicant and lender to establish the suitability of a car lease contract for their financial circumstances. Looking into income and expenditure, the applicant will be assessed to ensure they can make the monthly repayments. Being retired and receiving a pension does not alter a credit score. A poor credit score is the result of how an individual manages their finances. A pensioner is therefore no more likely to be declined for a car lease deal than any other applicant.
Apply for personal car leasing contracts
At All Car Leasing we supply hundreds of car lease deals on some of the latest car models from the biggest manufacturers. With deals at low monthly rates, and some of the very best models available, fitted with modern safety features, pensioners can apply today to access our range of personal car leasing deals and sign a contract with us.