Lenders are open to financing older cars since they tend to withstand the tests of time. While financing may be available through a dealership, local bank, or credit union, it’s best to know what you can afford and shop around for the best interest rate.
Can you finance a 10 year old car for 72 months?
A lender sets the auto loan term length for a used car, which varies from company to company. Until recently, used car loans were generally limited to 72 months. However, today borrowers can secure used car loans for 84 months or more due to the rising need for vehicles.
How long can you finance a 2013 vehicle?
There’s no right or wrong length to finance a used car. The loan term that’s right for you can be as short as 24 months or as long as 84 months – it all comes down to your current financial situation and future plans for the vehicle.
Does age matter when financing a car?
A lender generally can’t deny your loan application or charge you higher interest rates or fees because of your age. This rule applies to various types of lenders when they’re deciding whether to give credit, such as an auto loan, credit card, mortgage, student loan, or small business loan.
Can I finance a car that is 10 years old? – Related Questions
What is a good interest rate for a 72-month car loan?
The average 72-month auto loan rate is almost 0.3% higher than the typical 36-month loan’s interest rate for new cars.
Loans under 60 months have lower interest rates for new cars.
| Loan term |
Average interest rate |
| 60-month used car loan |
4.17% APR |
| 72-month used car loan |
4.07% APR |
Can you finance a car with over 150k miles?
Yes. Some banks will finance vehicles with high mileage because they understand that vehicles last longer than they used to. A private party auto loan, where you’re buying a car directly from the owner, may typically only be available to credit union members or bank customers.
Does Capital One finance older cars?
There is also a vehicle age restriction for Capital One auto loans. For purchase loans, vehicles must be model years 2010 or newer with fewer than 120,000 miles. Refinancing loans are only available for vehicles up to seven years old that have an “established resale value.”
Can a 16 year old get a car loan with a co signer?
“Legally, you can’t get any loan until you’re 18, even if your parents are cosigners.
Is it better to buy an older car with low miles or a newer car with high miles?
In general, buying a higher mileage newer is better than buying an older car with less miles. The reason for this is simple: parts in a car, especially the rubber components deteriorate over time, regardless of mileage.
How many miles should you look for in a used car?
To determine whether a car has reasonable mileage, you can simply multiply 12,000 by its age. That means good mileage for a car that’s 5 years old is 60,000. Significantly more or fewer miles could indicate a problem or trouble in the future.
What mileage is too high for a used car?
What is considered high mileage on a car? Often, 100,000 miles is considered a cut-off point for used cars because older vehicles often start requiring more expensive and frequent maintenance when mileage exceeds 100,000.
How much is too much for a used car?
Financial experts say to not spend more than 35% of your annual income on the car itself and the costs that come with your purchase.
What is considered a high mileage car?
What is considered high-mileage? Typically, putting 13,000 to 14,000 miles on your car per year is viewed as “average.” A car that is driven more than that is considered high-mileage. With proper maintenance, cars can have a life expectancy of about 200,000 miles.
What used SUVs not to buy?
17 SUVs to Avoid When Buying a Used Vehicle
- 1999-2000 Dodge Durango.
- 2002-2007 Jeep Liberty.
- 2002-2005 Saturn Vue CVT VTi.
- 2002-2004 Ford Explorer.
- 2005-2008 Nissan Pathfinder and Xterra.
- 2005 Chevy Equinox.
- 2006-2008 Toyota RAV4.
- 2007-2008 GMC Acadia.
Is it worth keeping a car with 200k miles?
There’s no absolute number of miles that is too many for a used car. But consider 200,000 as an upper limit, a threshold where even modern cars begin to succumb to the years of wear and tear.
When should you replace your car?
Use tools available from sites like Kelley Blue Book and Edmunds to determine trade-in or retail value of cars similar to yours. A good rule of thumb is to employ the so-called “50-percent rule.” When repairs cost 50 percent of what your car is worth, it’s time to replace.