Help! Why can’t I get a loan? 21

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Getting a loan can be difficult at any age, but Rodney has been having some serious issues trying to fund a car he’d like to buy.

Read his question to our readers and tell us: what is your advice?

Hi there, we’re car buying. I was wondering if you can help us: my son’s car was written off in a road rage incident just before Christmas and we used it to tow our caravan on short trips. We have been unable to go for over three years as my wife has had terminal ovarian cancer for the past 12 years. She has put up a courageous fight and with some new treatment could be winning. We would love to take her on some trips as we all have been virtually house-bound since my wife is unable to mix with public through dangers of infection. So, you can imagine our desire to get away HOWEVER there lies our problem: it is a big caravan and needs preferably a strong 4WD diesel to tow it. We can afford repayments as our son is still paying off the original car but we are unable to gain finance because of new government regulations placed on pensioners.

We have been told by a number of financial services they are unable to finance us because government regulations state that that they are not to finance people earning under $30,000 a year – in particular aged or disabled pensioners. We are unsure as what to do. My wife deserves to get away for a rest, especially after 12 years of some, at times, horrible treatment, but we are apparently stymied by government regulations, or is it financial institutions unwilling to accept the risk? Any advice or help would be very gratefully appreciated.

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  1. Been hearing on radio over last few weeks[dont know name} but if you own your own home, you can get a loan for various things you may wont be do/buy. they take a percentage of house when you choose to sell. Or maybe rent a house in country or beach whatever and go there

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  2. Get rid of the van is my advice. Take your beautiful and brave wife away in style. Sounds like she deserves a really special holiday not the worry of you towing on busy roads and upsetting other drivers because of your newby towing skills.

  3. Buy a decent car and stay at motels or vans in van Park. That way you won’t have a white elephant collecting dust for most of the year and it will be cheaper then a fifty thousand van

  4. There are reverse-mortgage schemes available. I have not looked into them, but the fine print would need careful research. My neighbours recently chose this route to finance purchase of a new car. I don’t know them very well so I haven’t asked them about it. But if the new vehicle is only needed for occasional caravan towing, it seems like an expensive purchase to me. Depreciation and high running costs will compound. I agree with others … Look into hiring.

  5. I am 61 years old, a mother of a totally disabled 35 year old and a 14 year old grandson. We rent and I don’t have everything I need for my daughter. I need to buy a cheap house so I can have everything for her and so I do not have to keep shifting. I also need more bedrooms and an extra lounge room and toilet for my grandsons privacy. I also need a bathroom in her room for her dignity but no-one will give us a loan…..

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