Car loan into retirement
Thursday August 14, 2008
Your financial concerns for your car do not stop with retirement, so you may need to prepare to pay off a car loan even once you have retired. This could be problematic, depending on your retirement savings, so if you decide you want a sports car or vintage car as a part of retirement, make sure you can repay the cost.
The amount you will need to live off in retirement is likely to be somewhat lower than when you are working, as there are a number of expenses you will unlikely have to put money towards. The costs of maintaining a vehicle can be lowered considerably by not having to drive a car into work every day, but the cost of a car loan will probably remain steady. If you are looking at buying a vintage car especially, you may need to look for a car loan that will allow you to use your home as collateral rather than the car you are purchasing. Many secured car loan lenders only allow you to use the car you are purchasing as security if it is less than 5 years old.
If you are interested in reading more about a car loan lender, please visit our Suncorp New & Used Car Loan, ANZ Bank Car Loan, and compare car loans and personal loans pages. Also, feel free to browse our site if you are looking for a lender to provide you with a good value car loan.
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