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 finance a car over 10 years old?
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.
What age can you finance a car?
18 years of age
How old can a car be to finance for 60 months?
Most car loans are 36, 48 or 60 months. Shorter loans usually require very high monthly payments. Most lenders are reluctant to make 72 and 84-month loans, except on very expensive vehicles.
How many years 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.