How can I get a high mileage car loan?

Will banks loan on high mileage cars?

Yes. Some banks will finance vehicles with high mileage because they understand that vehicles last longer than they used to. … A vehicle loan is more likely from a lending network, which will either refer you to lenders that you prequalify for, or to a dealership that works with subprime lenders.

Can you finance a car over 100 000 miles?

Lenders have to mitigate their risk, and loaning money for a car that might fall apart in a few years is risky. But if you look for a vehicle that has the reputation of running well far beyond 100,000 miles, you may have a better chance of getting approved for financing.

How many miles can a car have to be financed?

When you consider the fact that many consumers with bad credit are working with limited budgets and, in many cases, can’t afford to pay for major vehicle repairs, this often leads them to stop making payments on the vehicle. Therefore, subprime lenders typically cap a vehicle’s mileage at a maximum of 100,000.

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Is it worth putting money into a high mileage car?

In general, buying a higher mileage newer is better than buying an older car with less miles. … On top of that, cars are meant to be driven so cars with higher mileage tend to last longer because car tends of lubricate itself more often and burns carbon build up which are all helpful for a long lasting engine.

Does Capital One Finance older cars?

Capital One Auto Finance only finances new and used cars, light trucks, minivans and SUVs that will be used for personal use. Vehicles must be 7 years old or newer and have an established resale value.

How old of a car can I finance for 84 months?

Generally, the longest loan term you’ll find is seven years, or 84 months. There are, however, some lenders that will extend used car financing to 92 or 96 months, or up to eight years. In 2018, 55% of new car loans originated were for 84 months.

What is the oldest car a bank will finance?

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.

Is a car over 100K miles Bad?

So, a car that is five years old would have about 75,000 miles to be considered “average.” Anything significantly more, and a car is considered to be “high mileage.” Anything significantly less, and it’s a “low mileage” car. … Many modern cars with 100K-150K miles are in great condition and will easily go another 100K.

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How much does it cost to finance a 100K car?

So if you make $100,000, you can pay $10,000 per year on a car. That’s after 20% down and should include insurance, gas, and maintenance. So, assuming you want a $100,000 car. You need to put $20,000 down, leaving $80,000 to finance.

Why is financing a car is a bad idea?

Financing a Car May be a Bad Idea. All cars depreciate. … When you finance a car or truck, it is guaranteed that you will owe more than the car is worth the second you drive off the lot. If you ever have to sell the car or get in a wreck, you owe more than what you can get for it.

How many miles is too much finance?

The 100,000 Mile Marker

Used cars with less than 100,000 miles are generally a safe bet for buyers. If those miles have been accrued in less than 10 years, you’ve likely found quite a gem as well, considering most drivers average about 10,000 to 12,000 miles per year.

Does age matter when getting a car loan?

Age can be considered in a valid credit scoring system. The credit scoring system may not disfavor applicants 62 years old or older. It may favor applicants 62 years or older. A lender or dealer may relate your age to other information about you that the lender or dealer considers in evaluating creditworthiness.

Can cars last 300 000 miles?

Standard cars in this day and age are expected to keep running up to 200,000 miles, while cars with electric engines are expected to last for up to 300,000 miles. Keeping a car that long has a lot of benefits, including the fact that it could save you a great deal of money.

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Is it bad to buy a car with over 200k miles?

In some cases, you can be fine buying a used car with 150,000 or even 200,000 miles on it, because maintenance helps them last far beyond what many people have come to expect. When considering mileage on a used car, don’t take it at face value.

Is 200000 miles on a car bad?

Typically, putting 12,000 to 15,000 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.