Yes, it is possible to finance a car that is 10 years old, but it will not be through a national bank.
In general, large lenders will not approve a loan for a vehicle that is more than seven years old or that has more than 100,000 miles.
Can you finance a car older than 10 years?
Typically, a bank won’t finance any vehicle older than 10 years, even if you have stellar 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 a 10 year car loan?
Auto loans over 60 months are not the best way to finance a car. And yet, 43.5% of new-car buyers in the third quarter of 2015 took out loans of 61 to 72 months, according to Experian. If you bought a 3-year-old car, and took out an 84-month loan, it would be 10 years old when the loan was finally paid off.
Can you get a loan on a car you already own?
Our opinions are our own. An auto equity loan is similar to a home equity loan, but you use the value of your vehicle instead of your home to get a loan, then pay it back with interest. Like all secured loans, auto equity loans carry risk: If you don’t make your loan payments, the lender can repossess your car.
Photo in the article by “Wikipedia”