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London Journal | The Voice of London
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    Trump quietly slaps hundreds of UK products with tariffs up to 25% – from shampoo to washing machines

    Trump quietly slaps hundreds of UK products with tariffs up to 25% – from shampoo to washing machines

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    Record number of jobless young women pushes unemployment numbers for under-25s to almost a million

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    White working-class kids are suffering ‘particularly poor’ results at school, damning report warns

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    Asylum seekers should be housed in town centres, claim senior Labour councillors in leaked emails

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      Noel Clarke loses libel case against Guardian

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      GB News to broadcast nightly from US in ‘huge moment’ for channel

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        Horrifying 6,000-year-old ‘victory graves’ where warriors tortured & mutilated enemies during war celebrations

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        New 125 million year-old dinosaur species discovered on the Isle of Wight with unusual feature to attract partners

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        Bright ORANGE shark with white eyes spotted for the ‘first time ever’ after being reeled in by fisherman

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        Terrifying plague of ‘zombie squirrels’ erupts as critters covered in oozing pus-filled sores are seen swarming gardens

        Future humans ‘will be hairless & lose FOUR other body parts’ thanks to modern lifestyles

        Future humans ‘will be hairless & lose FOUR other body parts’ thanks to modern lifestyles

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        Tyson Fury and wife Paris sell £800k seaside property for knockdown price… but still make massive profit

        Tyson Fury and wife Paris sell £800k seaside property for knockdown price… but still make massive profit

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        Meet little-known 6ft4in English golfer Harry Hall, who is on brink of shock Ryder Cup qualification

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        Conor McGregor breaks silence on UFC ‘REMOVAL’ to confirm major career decision as Dana White makes x-rated statement

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        Piers Morgan releases statement about Jake Paul and ‘staged’ career after boxer hires lawyer to fight ‘fix’ claims

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        How to Choose the Ideal Baby Gift Set for Boys & Girls – A BabyWondersUK Guide

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      • Home
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        Trump quietly slaps hundreds of UK products with tariffs up to 25% – from shampoo to washing machines

        Trump quietly slaps hundreds of UK products with tariffs up to 25% – from shampoo to washing machines

        Record number of jobless young women pushes unemployment numbers for under-25s to almost a million

        Record number of jobless young women pushes unemployment numbers for under-25s to almost a million

        White working-class kids are suffering ‘particularly poor’ results at school, damning report warns

        White working-class kids are suffering ‘particularly poor’ results at school, damning report warns

        Asylum seekers should be housed in town centres, claim senior Labour councillors in leaked emails

        Asylum seekers should be housed in town centres, claim senior Labour councillors in leaked emails

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          Noel Clarke loses libel case against Guardian

          Noel Clarke loses libel case against Guardian

          Wired says ‘AI-written’ story did not have ‘proper fact-check process’

          Wired says ‘AI-written’ story did not have ‘proper fact-check process’

          Wired and Business Insider remove ‘AI-written’ freelance articles

          GB News to broadcast nightly from US in ‘huge moment’ for channel

          GB News to broadcast nightly from US in ‘huge moment’ for channel

          Trending Tags

          • Tech
            Horrifying 6,000-year-old ‘victory graves’ where warriors tortured & mutilated enemies during war celebrations

            Horrifying 6,000-year-old ‘victory graves’ where warriors tortured & mutilated enemies during war celebrations

            New 125 million year-old dinosaur species discovered on the Isle of Wight with unusual feature to attract partners

            New 125 million year-old dinosaur species discovered on the Isle of Wight with unusual feature to attract partners

            Bright ORANGE shark with white eyes spotted for the ‘first time ever’ after being reeled in by fisherman

            Bright ORANGE shark with white eyes spotted for the ‘first time ever’ after being reeled in by fisherman

            Terrifying plague of ‘zombie squirrels’ erupts as critters covered in oozing pus-filled sores are seen swarming gardens

            Terrifying plague of ‘zombie squirrels’ erupts as critters covered in oozing pus-filled sores are seen swarming gardens

            Future humans ‘will be hairless & lose FOUR other body parts’ thanks to modern lifestyles

            Future humans ‘will be hairless & lose FOUR other body parts’ thanks to modern lifestyles

            Did scientists find an ancient alien HELMET on Mars? Mysterious object is discovered by Nasa

            Did scientists find an ancient alien HELMET on Mars? Mysterious object is discovered by Nasa

          • Health
          • Science

            We’ve probably already been discovered by aliens, but they have some pretty good reasons to hide.

            Almost everyone is said to benefit from a scientifically supported method for improving sleep.

            2,500-year-old rock engravings were found near Mosul, Iraq.

            Is the soul of a person eternal? the findings of scientists

            With its most recent move, is General Electric abandoning wind power?

          • Crypto
          • Entertainment
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            • Gaming
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            Tyson Fury and wife Paris sell £800k seaside property for knockdown price… but still make massive profit

            Tyson Fury and wife Paris sell £800k seaside property for knockdown price… but still make massive profit

            Meet little-known 6ft4in English golfer Harry Hall, who is on brink of shock Ryder Cup qualification

            Meet little-known 6ft4in English golfer Harry Hall, who is on brink of shock Ryder Cup qualification

            Conor McGregor breaks silence on UFC ‘REMOVAL’ to confirm major career decision as Dana White makes x-rated statement

            Conor McGregor breaks silence on UFC ‘REMOVAL’ to confirm major career decision as Dana White makes x-rated statement

            Piers Morgan releases statement about Jake Paul and ‘staged’ career after boxer hires lawyer to fight ‘fix’ claims

            Piers Morgan releases statement about Jake Paul and ‘staged’ career after boxer hires lawyer to fight ‘fix’ claims

            Tiger Woods’ son Charlie takes huge step towards sealing Junior Ryder Cup spot on Team USA

            Tiger Woods’ son Charlie takes huge step towards sealing Junior Ryder Cup spot on Team USA

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            How to Choose the Ideal Baby Gift Set for Boys & Girls – A BabyWondersUK Guide

            How to Choose the Ideal Baby Gift Set for Boys & Girls – A BabyWondersUK Guide

            A Site for Situated Practices: Mezzanine

            Exhibition: Substance & Recoding: The Narrative of Contemporary Objects in the Semantic Turn

            Discover Amsterdam’s beauty from the water

            An adventure on the canals of Amsterdam

            An adventure on the canals of Amsterdam

            Eromosele Gideon Eigbiremolen Unveils Sustainable Vision for SS24 with Burvain's Latest Collection.

            Eromosele Gideon Eigbiremolen Unveils Sustainable Vision for SS24 with Burvain’s Latest Collection.

            after builders cleaning

            After Builders Cleaning Services in UK with Cliffycox: Reviving Spaces, Redefining Cleanliness

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          The challenges over-60s face applying for car finance – and how to combat them

          by Anderson
          January 20, 2025
          in Motoring
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          Over-60s face “unique challenges” when trying to secure car finance deals, according to experts, with many charged higher rates than their younger counterparts.

          Around 1 in 10 lenders may reject applications on an age-related basis, according to data from comparison website Car Finance Saver.

          And those with affordability risks – perhaps because they rely on pension income – can also face higher interest costs too, leaving them paying more than their younger counterparts.

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          With money tight across the board, especially for many retirees struggling with the cost of living, any extra cost will be hard to swallow.

          However, if you are a retiree or close to retirement, it’s still possible for you to get a car finance deal at a good rate.

          What barriers do over-60s face?

          Age isn’t “explicitly” used as a factor in lending decisions, but it’s “undeniable that those over 60 will face some unique challenges or barriers when applying for car finance,” according to Pete Ridley, a car finance expert at Car Finance Saver.

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          He says: “One such barrier is that many lenders implement upper-age limits on their products, often refusing finance to applicants who will be over 75 by the time the agreement ends.”

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          He also says that while car financing won’t inherently cost more for older applicants, the terms offered may be less favourable, often leading to higher overall expenses.

          “Interest rates might also be elevated for those who don’t pass affordability checks with flying colours, making financing more costly by default,” he says.

          Those with the best credit and easily passing affordability assessments can expect to pay an interest rate of 5.25 per cent to 6 per cent, which means monthly payments of £322 to £333 over six years if borrowing £20,000.

          Those with some affordability risks may get offered rates of 12 per cent or more though, resulting in payments that could be over £370 per month.

          “Retirees relying on a small fixed pension income or various benefits are at a higher risk of being offered less favourable terms due to affordability concerns,” he says.

          Matt Sanders, finance expert at Go.Compare, said: “The biggest consideration loan providers take into account when accepting any kind of finance application is the person’s credit score and the loan’s affordability.

          “Most borrowers over 60 are likely to have fewer financial commitments and dependents, and therefore will have a better affordability score than younger borrowers, who may have more financial overheads such as a mortgage, children at home etc. 

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          “This means that providers can’t decide a rate or decline a loan based on age alone. Their risk acceptance is based on a broader view of a borrower’s financial position which changes with age – sometimes for the better and sometimes for the worse.”

          Liz Hunter, director at Money Expert, adds: “While it’s not impossible to get car finance over the age of 60, it may still be more difficult and there may be less choice available to choose from.

          “This is because fewer lenders are more likely to offer you car finance and those who do, are more likely to offer shorter terms and higher interest rates due to the increased risks involved compared to lending to younger borrowers.”

          What can you do as an over-60 to get better rates?

          As an over-60, there are many things you can do to try and ensure that you get a better deal when applying for car finance.

          The first is to make sure that you shop around between multiple lenders to find one that will offer you the best rates, including looking at specialist lenders.

          “There are plenty of lenders out there willing to offer car finance or loans to over-60s to make car finance more accessible. It just means that you’ll need to do more research and shop around to find the best deals,” says Ms Hunter.

          Aidan Rushby, founder and CEO of car finance provider Carmoola, adds: “The cost of borrowing can sometimes be higher for older applicants due to the way risk is assessed in traditional lending. This highlights the importance of shopping around and considering new-generation lenders who consider people on a case-by-case basis.”

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          Another option could be looking at shorter-term agreements. “Opting for shorter loan terms can increase eligibility for those over 60. A three-year finance agreement, for example, is often more accessible than a five- or seven-year term for older applicants. However, it may be more costly, so it’s best to weigh up the options before deciding,” says Mr Ridley.

          Looking at secured loans or guarantor finance is another possibility. “For individuals with assets like property, secured loans might offer a way to access better rates and secure good finance. By providing collateral for the finance, such as a car or a house, drivers can reduce their perceived risk to lenders, who are more likely to provide a loan if they have a way to recover their losses should payments cease.”

          According to price comparison website MoneySuperMarket, leasing a vehicle can be another option for those looking for a motor.

          “Leasing can be a good option if you’re wary of a long term commitment and like to drive new cars every few years,” the price comparison website says.

          “It allows individuals to drive newer models without the long-term financial commitment of ownership, which can be especially appealing later in life,” explains Mr Ridley.

          Other tips include checking your credit score and trying to improve it if it is on the lower side.

          It is also important to pay off any debt when you can – this will also better your credit rating and mean you are more likely to get a better deal.

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