Car Loans info

lshill Active member

Member since 23 February 2023

lshillActive member16 August 2024 16:17:41

Contacted my bank (Bank of Cyprus) regarding a car loan.聽 I am over 65 so they said you can't get a loan.聽 Any idea how to get one here?

aceshigh Member

Member since 29 December 2023

aceshighMember16 August 2024 20:05:01

I'm sorry to say I don't think it's going to be possible. For a new car yoy need to put down a minimum of 20% and show income from a job in Cyprus,which im assuming you dont have at 65+. For a used car (this was the case 3 years ago) you have to provide a guarantor who has some kind of professional job locally, ie doctor etc.

You could see if it's possible to get a car loan with a guarantor, and if noone else here is able to offer suggestions, try speaking to a dealership directly as they will be able to tell you if one bank over another is more likely to accept you.