Car Financing for Retirees


You've worked hard all your life, and now is the time to enjoy it! Many people who retire celebrate their new freedom by purchasing a new vehicle that better suits their new lifestyle and needs. However, for retired people, the process of applying for car financing is slightly different than what they may be used to.

It doesn't have to be hard to apply for car financing as a retired person. Just like before, your credit score and budget will be the biggest factors in determining what you can be approved for. The only major difference is that you'll no longer be listed as having gainful employment. Instead, your CPP payment will be of importance.

CPP payments are recognized by many car financing providers as a form of income, which is used to supplement the lack of work income. For more information on how retiree credit standing works, check out this article on how to get approved for a car loan in retirement.

How We Can Help

Retirement is something to be proud of, and at Good Fellow's Auto Wholesalers, we want to help you celebrate! We're here to give you the support you need so that you can drive off our lot in the car you've always wanted.

If you're interested in applying for a used car loan in Toronto, contact our friendly and knowledgeable loan experts today! We look forward to hearing from you.

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