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Find out more'Am I too old to buy a car on finance?'
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I’m 70 years old and have a personal contract purchase plan (PCP) for my car, which finishes later this year.
I’m happy with this arrangement and keen to start a new plan. Is there an age limit to this type of car finance?
A Which? Money member
'For many lenders, 75 is a maximum - but not all'
Bill Wilkinson-Hoy, Which? money expert, says…
With a PCP, you typically pay an initial deposit followed by regular monthly payments over a set period. Throughout the contract, the car remains the property of the finance company. At the end of the contract, you can either take out another PCP, return the car or pay a final payment to buy it from the finance company.
While there isn’t a fixed maximum age for getting a PCP car finance agreement, most lenders have an age limit of 75.
Some lenders may consider older people if they can demonstrate sufficient financial stability
Some lenders may consider older people if they can demonstrate sufficient financial stability. Ultimately, the lender will assess your ability to repay the loan, considering your credit history and income.
If you can’t get another PCP and want to pay the final payment to keep the car, you could spread the cost of this with an interest-free purchase credit card. At the time of writing, you could get an interest-free period (where you’d just be paying off the capital) of well over 20 months.
Many credit card providers offer eligibility checker tools on their websites and we recommend using these before applying. Multiple credit applications in a short space of time can be seen as a red flag by future lenders, but eligibility checks don’t have an impact.
- Find out more: Car finance options explained
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