Typically, a bank won’t finance any vehicle older than 10 years, even if you have good credit. If you don’t have great credit, you may find it difficult to finance through a bank, even for a new car.
Can I get loan on 10 years old car?
Before approving a used car loan application, lenders consider the age of the car and whether the model has been discontinued. The sum of the age of the car and the loan tenure of a used car loan must not exceed more than 8-10 years. The older the car, the harder it is to obtain sufficient funding to purchase the car.
Can I get loan for old car India?
Yes, you can get a car loan to purchase to a used or a pre-owned car. However, you should check with lender about the interest rate and features of a personal loan as well, is Arora’s advice.
Do banks finance vehicles older than 10 years?
While it is true for many, that a car older than 10-years cannot be financed, there are a few institutions that have modified their lending options to help the consumer get into a car, even if it is slightly older.
What is the oldest year a car can be financed? – Related Questions
Is it hard to finance a 10 year old car?
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.
How long can you finance a 10 year old car?
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.
Does Capital One finance older cars?
Capital One Auto Finance offers financing for new and used cars, but only through its network of participating dealerships. It also provides refinancing for existing car loans. Whether applying for a purchase or refinance loan, applicants can pre-qualify with a soft credit check, which won’t affect their credit score.
Does Navy Federal finance older cars?
Used Vehicles: 2020 and older model years or any model year with over 30,000 miles. If the vehicle is 20 years or older based on the model year, the vehicle is considered classic or antique and subject to collateral loan rates.
Does USAA finance older cars?
A USAA auto loan may be used for a vehicle 2013 or older, but the lender doesn’t specify a cutoff year.
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.
Is it wise to buy a car with high mileage?
It can be somewhat risky to buy a vehicle that has racked up more than 100,000 miles. Even if it’s well-maintained and has about 100,000 miles left in it, such a car is already past its prime. Generally, vehicles are likely to start experiencing problems after the 100,000-mile mark.
Can I finance a car with 200000 miles?
Financing a High-Mileage Car
Cars with over 200,000 miles on them may not be bad necessarily, but they’re certainly harder to finance than a lower mileage vehicle. For this reason, they’re more likely to be cash purchases.
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.
What is the interest rate for second hand cars?
Used Car Loan Interest Comparison Table
| Lender |
Interest Rate |
Repayment Tenure |
| Axis Bank |
13.25% – 15.00% |
5 years |
| Mahindra Finance |
Contact the bank |
5 years |
| State Bank of India |
9.25% – 12.75 |
5 years |
| HDFC Bank |
13.75% – 16.00% (Rack Interest) |
7 years |
What is the best option to finance a car?
We break down what is the best way to finance a car.
Follow the 20/4/10 rule of financing
- Make a 20% down payment.
- Sign on for a loan term not longer than 4 years.
- Limit your vehicle expenses (loan payments, premiums, transport costs) to 10% of your gross monthly income.