Using your home equity to buy a new car
A home equity release loan can help you upgrade your vehicle without straining your savings. It offers a simple alternative to a standard car loan for seniors and gives you a lot of flexibility when buying a car with home equity loan funds while continuing to live comfortably in your home.
What are the benefits?
1
Buy the car you want without reducing your savings
Purchasing a new car can be expensive, and it is not always ideal to draw from superannuation or savings. A home equity loan for car expenses lets you use part of the value in your home and keep your savings available for everyday needs.
2
Flexible access to funds when it suits you
Inviva offers three drawdown options, including a lump sum, regular income payment or a line of credit. This means you can access the money when you are ready, whether you want to buy a car with home equity loan funds now or are waiting for the right model or price.
3
No monthly repayments
Unlike a standard car loan for seniors, there are no mandatory monthly repayments. Interest is added to the balance over time, which can ease pressure on your retirement income and give you more financial freedom.
4
Improve comfort, safety and lifestyle
Upgrading your vehicle can make daily travel easier and safer. You might choose a car with better safety features, lower running costs or greater accessibility. Some customers also use a home equity loan to buy a car suited for towing a caravan, which can open the door to more travel opportunities.
5
Keep living where you love while enjoying greater mobility
Using your home equity allows you to enjoy a new or upgraded vehicle without needing to move or sell your home. This can be especially helpful if driving is important for independence, medical appointments or staying connected to family and community. For many people, car loans for senior citizens are not always flexible, but a home equity release loan offers a simple alternative.
Why choose Inviva?
- Expertise and support — Our team has years of experience and offers personalised support
- Transparent costs — There are no hidden fees. You’ll know all costs upfront
- Flexible options — Choose how you access the funds (as a lump sum, regular income payment or a line of credit) with the freedom to repay early with no early repayment fees
- Quick access — Fast approval and disbursement mean you get funds when you need them
Explore how a home equity release loan with Inviva can help you enjoy a more secure and fulfilling retirement.
Frequently Asked Questions
Can seniors use a home equity loan to buy a car?
How does a home equity loan for a car work for senior citizens?
What are the benefits of using a home equity release loan to fund a new car purchase?
What types of cars can I buy using a home equity release loan?
