Can I get a loan for an older car?

Can you finance a car over 10 years old?

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. But, banks are far from the last option when it comes to auto lending.

Can you get finance on older cars?

Quite often, you may find some car finance lenders allowing for around 10,000 miles a year. … Some lenders will only agree to car finance for an older vehicle depending on the amount of the loan.

What banks finance older cars?

Here are some lenders that offer classic car loans.

  • Collector Car Lending.
  • DCU Banking.
  • J. Best Banc & Co.
  • LightStream (a division of SunTrust Bank)
  • Star One Credit Union.
  • Woodside Credit.

Is there a maximum age limit for car finance?

How old do I have to be to get a loan? You must be 18 or over to get a bank loan. … In the event of the loan defaulting, the guarantor will be held responsible for repayments. Upper age limits depend on the lender, but up to 79 years is typical.

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Who finances cars over 10 years old?

Some banks, including Chase, and most credit unions will consider loans on used vehicles that are 10 years of age or older.

Can you finance a car over 100 000 miles?

Can I Finance a Vehicle With Over 100,000 Miles? Yes. Some banks will finance vehicles with high mileage because they understand that vehicles last longer than they used to.

How can I finance a car older than 10 years?

If the vehicle you’re looking to finance is older than 10 years, consider using a credit union or a local car dealer that can provide in-house financing. Navy Federal, for example, is a nationwide credit union that may be able to offer you a great auto loan rate for an older car if you’re eligible for membership.

How many years can I finance a 2014 car?

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 credit score do you need to buy a classic car?

Requirements for a classic car loan may vary by lender. Some lenders may only offer financing to borrowers with a FICO score of 700 or above and a good credit history with no bankruptcies on their record. It’s not uncommon for lenders to seek an appraisal and inspect the car.

Can you refinance a 9 year old car?

Can you refinance an auto loan with an older car? Yes – but only up until a certain age. Most lenders won’t refinance a vehicle that is older than 10 years old or greater than 140,000 miles. Some lenders have even newer requirements, with lower mileage restrictions.

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How old of a car should I buy?

A well-maintained 10-year-old car could possibly be a better investment than a newer model which hasn’t been looked after. As a very general rule of thumb, a car is usually reliable up to 5 years providing it has been maintained.

Can a 65 year old get a car loan?

Age restrictions: You must be over 18-years old to apply for a car loan – this is the same for pensioner car loans. Income restrictions: Your pension must be enough to cover your repayments and expenses. ‘Supplementary income’ – either from employment or superannuation – may improve your chances of approval.

Can you be too old to get a loan?

You can, though, use other sources of income. … But if your income and credit score are high enough, you should be able to qualify for a mortgage loan no matter how old you are. The federal Equal Credit Opportunity Act states that it is illegal for lenders to discriminate against borrowers because of their age.

Can an 80 year old get a car loan?

Can a lender or dealer consider my age, my receipt of part-time income, or my retirement income when deciding whether to give me an auto loan? Generally, a creditor such as a lender or dealer cannot use your age to make credit decisions. … The credit scoring system may not disfavor applicants 62 years old or older.