Retired & Older Age Car Leasing Help & Advice

Do Car Lease Agreements Carry an Age Restriction?

One of the big questions we get asked quite frequently here at CarLease UK is about age limits for a car leasing agreements, in particular whether there is a maximum age for leasing a car.

First and foremost, contract hire and leasing is a credit based product. An individual’s eligibility will be based on a number of factors, including:

  • Residential history – the selected finance companies we work alongside generally require at least 5 years’ worth of address history;
  • Employment history – the selected finance companies we work alongside generally require at least 3 years’ worth of employment history;
  • Income and expenditure – as part of treating customers fairly, we need to ensure that based on your current financial income/expenditure, the decision to lease a vehicle is a viable option; and
  • Credit history - the selected finance companies will use, amongst other things, an Experian credit report on potential customers.

Retiree Credit History & Car Leasing

Our primary answer to all customers, regardless of age, will be largely based on the criteria above. Of course, for retired people, particularly older people who have been out of full-time employment for some time, there is an assumption that car leasing is not a financial product which is available to them. This assumption is incorrect. As many retired people will have a pension (or a series of pensions), this income is considered as part of the financial analysis we review in the above. Further to that, the residential history and credit history can still be supplied to us; this is not an inherent problem just because you are older or retired. It would remiss of our industry to forgo what is affectionately termed the “Grey Pound”.

Is Contract Hire Appropriate for Retired People?

Is contract hire and leasing a good idea for a retired person? Well, the answer is no different to any of our potential customers. There is an interesting debate which exists between car usership (contract hire) and car ownership (PCP/Hire purchase), in an effort to find out which is better. In fact, it will depend on the individual and their circumstances as to which financial product is most suitable.

Some of the leading points for an older person leasing a car would be:

  1. This is a new car – you will be covered by the vehicle warranty for at least the first 3 years (longer with some manufacturers);
  2. You can include a funder-maintenance package – this will manage the cost of all servicing, tyres and, in some cases, breakdown recovery; and
  3. This is a fixed term agreement – you know exactly how long the vehicle will be with you i.e. 2, 3 or 4 years. It is not necessary for you to manage the hassle of selling a car or refinancing it further down the line.

Additionally, we do suggest that a contract hire product can offer the customer a fixed cost approach, as you can create a situation where you need only insure and fuel the vehicle. In our modern economy, the ability to fix your costs is an admirable quality. As the changes in our economy happen, it is god to know the impact on depreciation is irrelevant to you, as this is a risk the finance company undertakes.

How should Retirees apply for a lease car?

However, if you looking to purchase a vehicle or you need something which is more flexible, do speak to one our team (click here) about purchase/ownership syle products such as Personal Contract Purchase (PCP) and Hire Purchase (HP). We look forward to hearing from you. Alternatively you can read more car leasing help and advice in our dedicated section (click here) or feel free to read some of the latest car lease news and reviews in our blog (click here).

Back to top

Help, Assistance and Car Leasing Advice

Lease with Confidence @CarLease UK!


Browse All Manufacturers

We've got Choice in Abundance. You Pay One Fixed Cost!
Help & Leasing Advice | Lease Deals & Special Offers

Browse the latest Electric Lease Car Deals or Hybrid Lease Car Deals here @CarLease UK

See Our New Website electric car leasing
Lease Car Reviews & News @CarLease UK - Helping Customers with Car Choice...

  • Choose from Every Make & Every Model
  • Personalised Factory Order Vehicles & In-Stock Leasing Deals
  • Optional Maintenance-Inclusive Contracts
  • Free Nationwide Delivery Service Included (Areas Covered)
  • Excellent Customer Service as Standard
  • Read our Trust Pilot Reviews or Read Our Blog
  • Select your Initial Rental/ Deposit from Low to High
  • Choose your Lease Terms from 24, 36 or 48 Months
  • Select your Annual Mileage from Low to High

We have over 50 Years in the Car Leasing & Automotive Industry!
Call - 01942 608 606 or Contact Us for leasing help & advice.
Authorised
& Regulated By
The FCA
BVRLA
Broker Member
Full Data
Protection
GDPR
Compliant
CarLease UK

CarLease UK, Car-E-Lease UK, VanLease UK and School Minibus Leasing UK
are trading names of CarLease (UK) Ltd.

Latest Special Offers - Car-e Alternative Fuel Leasing - Leasing Help & Advice - Contact Us

Browse our Popular Brands or the latest Mercedes Deals | Audi Deals | BMW Deals | VW Deals | Range Rover Deals | Nissan Deals

CarLease (UK) Ltd t/a CarLease UK, Car-E-Lease UK and VanLease UK is Authorised and Regulated by the Financial Conduct Authority – our Firm Reference Number (FRN) is 706617.

CarLease (UK) Ltd t/a, CarLease UK, Car-E-Lease UK and VanLease UK is a credit broker and are not a lender. We work alongside a limited number of finance providers who may make payment to us if you enter into an agreement with them. Failure to maintain rentals may result in the vehicle being withdrawn (this may affect your credit).

All images on this website are for illustrative purposes only and may not reflect the actual vehicle which is delivered to you. All prices shown are subject to change at any time and are subject to credit status and vehicle availability.

FRN 706617 | BVRLA Membership No. 1471 | Data Protection Reg. ZA088399 | VAT No. 200422089 | Registered in England 09312506

Our Registered Office - Kings Business Centre, Warrington Road, Leigh, Greater Manchester, WN7 3XG

Copyright 2019 © CarLease (UK) Ltd. All Rights Reserved

Contact Us - Call 01942 608 606

CarLease (UK) Ltd work alongside the select finance companies:

CarLease (UK) Ltd have a partnership and affiliation with: