Car Loans info

Post new topic

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.

Articles to help you in your expat project in Cyprus

Banking and finance in Cyprus
Opening a bank account is one of the first things you'll need to do in Cyprus. Thankfully, the banking system ...
Raising children in Cyprus
As Cyprus is one of the safest countries in the world, you shouldn't have any worries about raising your kids ...
Driving in Cyprus
As Cyprus is a small island, the best way to get around is by car. But is your drivers license valid in the ...
Leisure activities in Cyprus
One of the reasons an increasing amount of expats chooses Cyprus for their new home is the relaxed pace of living ...
Northern Cyprus holidays
North Cyprus is one of the last unspoilt, most beautiful and popular island holiday destinations in the ...
General visa requirements for Cyprus
If you are planning on a short-term stay in Cyprus, you should know beforehand whether or not you will need a ...
Permanent residency and citizenship in Cyprus
The complexity of staying long-term in Cyprus (for more than 90 days) varies greatly depending on your ...
Travelling to Cyprus
Despite being a small (and partly occupied) country, travelling to the island of Cyprus is quite straightforward. ...