Here's the deal i want to trade in my car which is worth only about $1,500 and finance a used a car for $6,000, thats all i can really afford. one of my co workers just told me banks will not finance any vehicle that has more that 100,000 miles on it is that true, can ayone enlighten me on this?
Most of the time the bank will NOT finance any used car. What people think is used car loan is really a personal loan. the difference is that on car loan, the car becomes the colateral. What that mean is that if you default on the loan they can take the car away to recoup some of the value.
But on used cars most of the time the have no good resale value so they rather not even take the car away and try to go after your other income.
So they will consider that you will use it for a used car, for the most part they will consider your credit history and your ability to pay it back (mostly).
P.S. I guess I stand corrected. I was told this buy a person who works in the credit union in NY/NJ area. maybe it is different in different regions of the country.
It will be very difficult to find a lender to finance a very high mileage vehicle.
Most cut offs are 90K & 100.. but when you go to purchase the vehicle, the finance guy should know all of his lender's program requirements.
Also, it may be difficult to finance a vehicle older than a 2000 or a 2001 as well due to the age. Again each lender has their own niche in the market.
Also the answer above is totally wrong. there are multiple lenders including local credit unions that will finance used vehicles. if that statement were true nobody would be able to buy used cars.
Try a Credit Union. I work at and bank at a Credit Union in BC Canada. Our bank will finance a car like that or any used car for that matter. that is as long as your credit rating is good. things may be different elsewhere but I recommend checking it out. why buy a car with so many miles though when you could get a pretty decent car for that price with a lot less miles.
Yes their are lenders out their that will finance this type car. work with several. visit this link and summit an application. www.tropicalmotorsports.com
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