Car Loan Options for Older Vehicles
In general, used car financing restrictions include: Vehicles must be newer than 10 years old.
Cars must have less than 100,000 miles.
The amount to finance must be at least $5,000.
How many years will a bank finance a used car?
How Many Years Can You Finance a Used Vehicle? The longest typical length on a used car loan is seven years or 84 months. Edmunds.com indicates that 62 percent of auto loans were for longer than 60 month as of 2014. However, there are some drawbacks and financial risks of taking on such long auto loans.
Is there an age limit for car finance?
If you make a car finance application, the minimum age limit is 18. The minimum age for car finance is the same age as any other form of credit or finance. As well as there being an age limit, you’ll also need a full UK driving licence.
How old of a car can I finance for 60 months?
Most car loans are 36, 48 or 60 months. Most lenders are reluctant to make 72-month loans, except on very expensive vehicles. You’re more likely to get a longer-term loan with a new or slightly used vehicle and many lenders won’t make loans on low-value cars or those more than seven years old.
Photo in the article by “Flickr”