Car loan for senior citizens
Equity release benefits
A different type of Car Loan for senior citizens
Are you over 60 and want to buy a dream car? Maybe you desperately need an upgrade to a safer, more reliable car for your grandkids? You have worked hard over the decades, now is the time to spoil yourself.
Seniors First may have the perfect solution. Reverse Mortgages offer an alternative to generic car loans, often at a lower interest rate and without the requirement for regular monthly repayments. It's possible to release some of accumulated equity in your home to finance a large purchase such as buying a new car, caravan, or a camper van.
Alternatively, if you already have a Reverse Mortgage with another lender and you are seeking a lower interest rate, Seniors First can help you refinance a Reverse Mortgage to a cheaper rate that may help preserve more home equity for spouses, children or other beneficiaries.
Benefits of Reverse Mortgage to fund a new car
Releasing equity from your house to buy a new car can have many benefits. A new car can provide increased safety features, fewer nasty emissions and greater fuel efficiency meaning lower costs. Furthermore, many cars offer greater mobility features for seniors whilst providing peace of mind and a good driving experience.
Don’t you want to enjoy your new car without the stress of regular car repayments? Unlike a generic car loan, no compulsory regular repayments are required (although voluntary payments can be made if you wish). You may choose to receive a lump sum, regular income payments, a cash reserve or a combination of all three, supplementing your income and ensuring you can pay for additional car expenses and maintenance without stress.
Interest rates with a Reverse Mortgage are generally lower than that of car loans, unsecured personal loans or credit cards. For equity release car loans, you will have access to all your funds and attract zero interest until you need to use it. The accrued interest is ‘capitalised’ and charged back to the loan account each month. In addition, by releasing the equity of your home you remain the full legal owner of your home and therefore will benefit from any increases in its property value.