With the quality of cars improving and some owners holding onto their cars for over 10 years, dealer lots are filled with a wide variety of high mileage used vehicles.
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 with high miles?
Yes, you can finance a car with high mileage. However, it is not as easy to do as financing a used vehicle with less than 100,000 miles.
Do banks finance cars over 10 years old?
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.
How long can you finance a used car?
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.
Can you refinance an older car?
Some lenders won’t even consider refinancing an older car. Capital One, for example, only refinances loans for vehicles that are seven years old or newer. If your car is relatively new and still has equity, now could be a good time to refinance.