How Old Of A Car Can You Finance?

Even if you have excellent credit, a bank would seldom finance a car older than ten years. Even with a new automobile, if you don’t have excellent credit, you may find it difficult to get financing from a bank. When it comes to vehicle loans, though, banks are far from the final resort.

Similarly, Can you get financing on an older car?

Lenders are willing to finance older vehicles since they have shown to be reliable. While financing through a dealership, a local bank, or a credit union may be available, it’s better to know what you can afford and search around for the best interest rate.

Also, it is asked, Can I finance a car older than 10 years?

Financing an automobile that is more than ten years old is straightforward. All you have to do now is fill out an application for a loan and go to the dealership after you’ve been accepted. When you work directly with a dealership, though, the procedure might be much simpler.

Secondly, How long can you finance a 2013 vehicle?

Depending on your demands, the loan period might vary from 24 to 84 months when you finance.

Also, Who will refinance a 10 year old car?

Consider utilizing a credit union or a local auto dealer that can offer in-house financing if the vehicle you’re trying to finance is older than ten years. If you’re qualified for membership, Navy Federal, for example, is a countrywide credit union that could be able to give you an excellent vehicle loan rate for an older automobile.

People also ask, Will banks finance cars with over 100k?

Is it possible to finance a vehicle with more than 100,000 miles on it? Yes. Because automobiles are lasting longer than they used to, several banks will finance vehicles with high mileage.

Related Questions and Answers

What is the longest used car loan?

84-month period

What credit score do you need to get a 84-month car loan?

To acquire a car loan, you don’t need a certain credit score. If your credit score is over 660, you would most likely qualify for a car loan with an APR of less than 10%. You may be able to get a vehicle loan even if you have terrible or no credit, but you can expect to spend extra.

Can I finance a used car for 72 months?

When it comes to financing a used automobile, there is no right or wrong duration. The suitable loan period for you might be as little as 24 months or as long as 84 months, depending on your present financial status and future intentions for the car.

How long should you finance a used car?

This is why, if you can afford it, Edmunds suggests a 60-month vehicle loan. A lengthier loan may have a more manageable monthly payment, but it has a lot of disadvantages, which we’ll go through later. The situation is much worse for used automobile loans, with just over 80% of used car loan durations exceeding 60 months.

Can a 2012 car be refinanced?

Is it possible to refinance an auto loan with an older vehicle? Yes, but only until you reach a certain age. Most lenders won’t refinance a car that’s more than ten years old or has more than 140,000 miles on it. Some lenders have even more stringent conditions, such as reduced mileage limits.

Does refinancing a car hurt your credit?

Refinancing a vehicle might save you money on interest or provide you with a cheaper payment and more financial flexibility. Refinancing an auto loan may lower your credit score momentarily, but it is unlikely to harm your credit in the long term.

Do banks refinance older cars?

Is it possible to refinance an older vehicle? Yes. Commerce Bank lends money to those who want to buy new, used, or vintage cars.

Can I finance a high mileage car?

Is it possible to get a loan for a car with more than 100,000 miles on it? It is certainly feasible to finance a secondhand automobile with more than 100,000 kilometers on it.

How Long Will Capital One finance a car?

Between 24 and 72 months

Is 10 interest rate high for a car loan?

The impact of a 10% interest rate on a vehicle loan on your credit score, income, and debt-to-income ratio is dependent on your credit score, income, and debt-to-income ratio. As of September 2021, the average interest rate on a 60-month auto loan was 3.81 percent. By contrast, a 10% interest rate is rather high.

What is the average interest rate on a car loan with a 750 credit score?

about 3.48 percent

What is a good interest rate on a used car 2022?

Rates on Used Car Loans in June 2022 750 or better credit scoreInterest rate 700-74910.55 percent 600-69915.55 percent 451-59920.69 percent 700-74910.55 percent 1 more row to go

Can I have 3 car loans at the same time?

The answer was supplied by Yes, you can theoretically have three automobile loans at the same time if you qualify. However, since you already have two loans, getting accepted for a third may be tough.

Is it financially smart to finance a car?

Is it worthwhile to finance a car? If you can obtain a rate of less than 4% for a new vehicle or 7% for a used car, financing a car is worthwhile. In the long term, paying off the automobile in three or four years rather than five or six is also preferable.

Is it better to lease or finance a car?

Monthly lease costs are often cheaper than monthly loan payments on the identical vehicle. You’re paying to drive the automobile, not to own it, with a lease. That means you’ll be paying for the car’s estimated depreciation — or loss of value — as well as a rent charge, taxes, and fees over the lease time.

What is considered a high car payment?

According to experts, a vehicle payment is excessively expensive if it accounts for more than 30% of your overall income. Remember that your auto payment isn’t the only expenditure you have! Make sure to include in the cost of gasoline and maintenance. Make sure your automobile payment isn’t more than 15% to 20% of your overall revenue.

How much of a car loan can I get with a 700 credit score?

If you have a 700 credit score, you are in the prime area of credit scores, which means you may obtain a reasonable rate if you shop about, have a strong income, and a low debt-to-income ratio. With a credit score of 700, you may acquire a vehicle loan with an interest rate of 3% to 6% for new automobiles and 5% to 9% for used cars.

Is 640 a Good credit score to buy a car?

The answer was supplied by While your buddy is correct that your credit score is regarded fair, this does not rule out the possibility of obtaining a car loan! With a credit score of 640, the interest rate on a new automobile loan is roughly 6.5 percent, while the interest rate on a used car loan is around 10.5 percent. The national average credit score is 710, therefore a credit score of 640 is below average.

Can I buy a car with 570 credit score?

A: With a credit score of 570, it is perfectly feasible to apply for a car loan and get approved. Take a close look at the following loan data from Experian: Experian also said that car loans for applicants with credit scores of less than 570 amounted for 20% of all auto loans in 2019!

What would payments be on a 20000 car?

For example, if you bought a $20,000 car at 5% APR for 60 months, your monthly payment would be $377.42 and you would spend $2,645.48 in interest, according to our loan calculator.

What is a good credit score for buying a car?

661 points or more

Is 84-month 0% financing a good idea?

A longer-term vehicle loan might result in cheaper monthly payments than a shorter-term loan. However, taking seven years to pay off your automobile isn’t always a wise decision. A handful of companies provide vehicle loans for up to 84 months, with others offering even longer terms.

What is the monthly payment on a 10000 car loan?

If you take out a three-year $10,000 loan at a 4.5 percent interest rate, your monthly payments would be $297 or more if you include in sales tax.

How long does it take to pay off $30000?

While it may seem to be a large sum of money, it will go a long way toward paying off the debt. In 2021, the average credit card interest rate was 16.13%. With a 16 percent interest rate, paying off $30,000 in credit card debt would take 447 months (more than 37 years). The total amount due would be $69,459.47.

What is the average car payment?

Monthly rent is $644.

Can you refinance a car older than 7 years?

Your vehicle’s ageCars depreciate (lose value) over time, and older vehicles may be difficult to refinance. Capital One, for example, will not refinance a car that is older than seven years, although Bank of America would go up to ten years.

Can you refinance a car over 100 000 miles?

Vehicles with more than 100,000 miles on them are usually ineligible for refinancing. Some lenders have greater mileage requirements, while others have lower mileage restrictions. Are you behind on your bills? – If you haven’t made your loan payments on time, refinancing isn’t an option for you.

Do you need a down payment to refinance a car?

A down payment is usually not required for refinancing. However, you must have equity in your car loan. When you owe less on your loan than the vehicle’s worth, you have equity. Lenders are hesitant to refinance an underwater auto loan (negative equity) since it poses a risk to them.


The “how old of a car can i finance for 72 months” is a question that has been asked by many people. The answer to this question is related to your credit score, the length of your loan, and other factors.

This Video Should Help:

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  • how old of a car can i finance for 84 months
  • how old of a car can i finance for 60 months
  • interest rate for 10 year old car
  • how long can you finance a 2013 vehicle

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