How new does a car have to be to finance?
Tony asked:
I want to buy a used car for around $6000 with a $2000 down payment. So the year of the car will likely be 1997-2003 and I was wondering if a bank will still finance a car that is that old. Is there a set year? Thanks for any help you provide.
I want to buy a used car for around $6000 with a $2000 down payment. So the year of the car will likely be 1997-2003 and I was wondering if a bank will still finance a car that is that old. Is there a set year? Thanks for any help you provide.
Tags: Finance A Car, Finance Car, New Car
April 5th, 2010 at 5:33 am
most banks 3 -4 yrs……………some car lots have credit for older cars thru finance co,but ya gotta $$$$$$$$$$$$$$
April 7th, 2010 at 2:11 pm
It depends more on the mileage
April 8th, 2010 at 6:44 pm
A bank probably won’t but a finance company or credit union may. The car has to be less than 10 years old for most, or else they can’t make a profit if they repo it.
April 11th, 2010 at 4:26 pm
I don’t think there is any set year, but I know the banks won’t finance more than the blue book value of the car. So the down payment probably helps.
April 12th, 2010 at 5:52 pm
I don’t think it’s so much of how old the car is, but the amount you’re financing for. They just want to make sure they get their money back if they’re going to loan it to you.
If you are buying a 1997-2003 then I wouldn’t worry about it’s age.
April 14th, 2010 at 3:34 pm
Well, the year of the car shouldn’t matter. Just think if you wanted to buy a 1965 Mustang. Your credit rating matters more than the year of the car.
April 16th, 2010 at 7:44 am
depends of the bank some well some won’t. when i work at the dealer old car as old as 1998 got finance but the interest rate was HIGH. And it also depends on your credit score
April 17th, 2010 at 8:48 am
There’s no set year. It depends more on your credit score and credit record, and the value of the car vs. the amount of loan. If you have lousy credit, and you want a clapped-out, rustbucket ‘87 Camaro worth $500, and you want to finance $5000, guess how many blocks you’ll have to walk before you can’t hear the loan officers all laughing?
But if your credit is good, and you get a good price on a good car, and you put a decent amount down so that you have some equity in it, you’ll probably be treated courteously, and you’ll get your loan.
One thing to consider - find out how much the car will depreciate over the next few years, and compare that to the balance of the loan you want to get. You want to avoid a situation where the car depreciates faster than the balance of the loan, or you’ll end up owing more for the car than it’s worth. If you can’t make the payments, and you have to sell it, you won’t be able to get out from under the loan, and you’ll be screwed.
Also - remember that as long as you have a loan on it, you’ll probably have to carry full coverage for the insurance. Factor that cost into the cost of ownership, and call your insurance agent for quotes on cars before you commit to buying any vehicle.
April 20th, 2010 at 2:06 pm
Tony, the very best thing to do is to save your money and pay with a Cashiers Check and never turn the check over till you have checked all the paperwork and serial numbers (Title or registration bill of sale etc to the actual car Serial numbers. Most important is to Look Around! I bought a 1995 Lincoln TownCar Signature Series (Air suspension, all leather interior, everything, it’s loaded) when the guy took the asking price from $4,600.00 to $2,000.00. You can find a deal on a good used car if you take a few great friends and look around a little, and make sure that one of your friends is at least a mechanic or someone that knows cars and has worked on them for years. Friends your age may not have the experience and only want you to buy a car simply because it “Looks awesome”, so find someone that definitely knows about cars. Mine has 143,000 miles on it and with new tires and Synthetic oil I am getting anywhere from 23 to 26mpg on the highway! I won’t get into city traffic because even if you have a lawnmower running at a stop light you are getting zero mpg. I use my little truck in the city, my car for the open road. What state do you live in? Always check around the older peoples areas of the city and look for cars in their driveway that have a For Sale sign as they just don’t want to take the time to post it in the paper or know how to put it on Craigs List.
April 22nd, 2010 at 5:54 am
A bank will not go 13 years old on a used car. You will more than likely have to get a personal loan and not a traditional car loan.
The rates won’t be as favorable but if you have good credit obtaining a personal loan shouldn’t be an issue.
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