How should a retiree apply for a car loan?

Answered by Car Loans Expert Johnny on December 23, 2020

I'm 66, retired, and looking for a moderately priced car. How do I apply for a loan?

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Car Loans Expert

Retirees should approach auto lenders with their income documentation and a copy of their credit score. Most lenders are willing to work with people who have retirement income such as Social Security, IRAs, and pensions.

Retired loan applicants should always shop around for a lender that is offering the best terms. There is no need to feel obligated to accept a short-term loan based on age, but a short-term loan can also mean a lower interest rate.

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