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).

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Carlease (UK) Ltd t/a CarLease UK, e-car lease, VanLease UK and School Minibus Leasing UK is a credit broker and not a lender and will introduce you to a limited number of finance providers which have been carefully selected by us - please note that we do not provide independent financial advice. The finance providers that we use may make payment to us if you elect to enter into an agreement with them. The amount we receive will affect what you pay for your vehicle. The commission received may or may not be capped in accordance with that finance company’s policy. We may also receive an extra amount based on how much business we provide to that finance company, the types of products you take from the finance company and the quality of our service. For Regulated Customers you can ask us about the payments we receive from the finance company so long as this is in good time before the agreement is made. Failure to maintain rentals may result in the vehicle being withdrawn (this may affect your credit).

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