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.
What’s the longest you can finance a used car?
One of the longest car loan terms available is generally a 96-month car loan — except not every lender will offer them, and specialty lenders may have other, longer terms available. If you’re in the market for a low monthly payment, an eight-year-long car loan can provide this; although you may want to compare lenders.
Can you finance a car for 10 years?
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Some lenders and credit unions, however, offer extended loan terms of anywhere from 96 months (eight years) to 120 months (10 years). Although the lower monthly payment may seem attractive, a decade-long auto loan could leave you paying for a vehicle that’s worth very little 10 years from now.
How long can you finance an older car?
Even with poor credit. Typically, a bank won’t finance any vehicle older than 10 years, even if you have good credit.
Can you finance a used car for 72 months? – Related Questions
What is considered a high car payment?
According to experts, a car payment is too high if the car payment is more than 30% of your total income. Remember, the car payment isn’t your only car expense! Make sure to consider fuel and maintenance expenses. Make sure your car payment does not exceed 15%-20% of your total income.
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 |
How long will a bank finance a 2014 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 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.”
How long can you finance a 2015 car?
Most loan terms last anywhere from 24-84 months, but you’ll have to contact your lender to get an exact number.
Can you finance a car with 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.
What do banks consider high mileage?
You want to buy a high-mileage car: If you’re buying an inexpensive car with high mileage, it might be hard to get a loan. Many lenders have limits on car mileage. For example, CarFinance requires vehicles to have less than 100,000 miles for a borrower to be eligible for a loan.
Is it wise to buy a car with high mileage?
High Mileage Used Cars Can Be a Great Choice for Your Budget
If you’re looking at used cars, know that cars with high mileage can still be dependable. A lot of times these cars are in great working condition from reliable manufacturers and may need a few parts replaced or scheduled maintenance.
What are the best high mileage used cars?
According to Clark.com, the following vehicles can last 200,000 miles or more: Toyota Avalon. Honda Odyssey.
What Are the Most Reliable High Mileage Cars?
- Subaru Legacy/Outback.
- Toyota Tacoma.
- Lexus RX 350.
- Toyota 4Runner.
- Ford F-150.
- Subaru Forester.
- Honda CR-V.
- Jeep Cherokee.
What brand car lasts the longest?
Toyota earns the top spot as the best automaker for dependability. Toyota vehicles are known for their longevity, and they are proven to last longer than any other brand. Toyotas are built so well they have below-average maintenance and repair costs, which helps contribute to why they remain on the road for so long.
What car breaks down the most?
And if your car frequently breaks down, those repairs can start to add up.
Here are the top 5 brands that break down the most and what makes them so unreliable.
- Chrysler. Chrysler vehicles are some of the most unreliable on the market.
- Fiat.
- Jaguar.
- Chevrolet.
- Lincoln.
- Cadillac.
Which car engine lasts longest?
These Are Some Of The Most Reliable Car Engines Ever Made
- 8/10 Honda B Series Engine.
- 7/10 Honda K Series Engine.
- 6/10 Lexus 1UZFE Engine.
- 5/10 Lexus 2UR-GSE Engine.
- 4/10 BMW M57 Diesel Engine.
- 3/10 Nissan RB26DETT Engine.
- 2/10 Mercedes-Benz OM617 Diesel Engine.
- 1/10 General Motors LS Engine.