People who seek pensioner car finance should never lose hope of acquiring credit for the purchase of motor vehicles.
Personal or Real Security/Collateral
The likelihood of you defaulting on the car loan is heightened by the fact that, unlike the time when you earned a sizable or regular salary, you may not be able to keep abreast of repayments. Having personal or real security as guarantees for repayment is a safety valve in the unforeseen circumstance of you defaulting or, as scary as it might seem, sadly passing on. In the former case someone stands as surety and in the latter case you hand over valuable movable or immovable property commensurate to the value of the loan.
The reality is that lenders only get a good night’s sleep when they know that their loans are secured. And in as much as we may try to deny it, our personal circumstances contribute greatly to that, which is why pensioner car finance can be difficult.