Leave Review on Google Leave Review on Facebook Check out what our clients say

Financing old cars

Image

Buying an older car has its advantages, and the purchase process is relatively easy. As simple as it is, however, it's not unusual for drivers to have questions, especially when it comes to financing. In fact, one of the most common inquiries drivers have about buying a pre-owned vehicle is, "can you finance a car older than 10 years?"

If you've found yourself asking this question during your used car search, the answer is yes—you can finance a car older than 10 years! Here's how.

Financing a car over 10 years old is quite simple. All you need to do is apply for the loan and work out the details with the seller once you're approved.

The average vehicle on the road today is about 11 years old. With that number only expected to increase, more banks and lenders are making it easy to finance an old car. Most lending institutions will look at the following before considering a loan on a 10-year-old car:

  • Overall mileage
  • The amount being financed must be at least $5,000
  • Your credit score.
  • A current Fair Market, or Actual Cash Value appraisal of the vehicle

A Fair Market Value appraisal from an independent auto appraiser reassures the lending institution of the actual cash value of the vehicle rather than the selling price that the seller and buyer have agreed to, which might be inflated.

There are some banks out there willing to provide a loan for a 10-year-old car, but credit unions seem to be preferable if you’re looking for financing options on an older vehicle. It is usually easier to get pre-approved with a credit union and with more and more emerging, chances are good that you’ll be able to find one where you’ll be eligible for membership.

Financing a vehicle that's over a decade old is easy, but there are still aspects you should consider. That way, you can be thoroughly prepared when you're ready to apply and buy your next used car.

The age of a vehicle isn't always the most significant factor when it comes to financing a used car. While it does play a role in determining what terms may be available for you, lenders tend to put more weight on the person applying for a loan and their credit score.

Your credit score is a measure of your credit worthiness. Generally, it ranges from 300 to 850. Your score lets lenders evaluate the probability that you will repay your loan in a timely manner. It takes the following factors into account:

  • Number of open accounts
  • Total levels of debt
  • Repayment history

Typically, those with higher scores are approved for more financing offers. However, it is possible to get financing even with bad or no credit—especially when working with a well-connected dealership. Financing a cheap used car could also be a step towards boosting your score, so you can make financing a vehicle even easier in the future.

You might need to get a co-signer when looking to finance an older car. It all depends on your individual credit score. A lender cannot require a co-signer if you qualify on your own but getting one could possibly lower the interest payments and get you more options.

A co-signer is usually a parent, spouse, or friend who will be obligated to pay back the loan just as you are. Finding one with a great credit score is beneficial for both the lender and the borrower and could be a big help in the long run.

Finding the right financing for older pre-owned vehicles can take time, depending on a few factors. Having a down payment can make it easier to get approved for a loan, regardless of the age of the car.

Making a deposit can reduce the amount you'd need to borrow from lenders. The less money you'll need to borrow, the more likely you'll be approved for a loan.

 For a Fair Market Value auto appraisal for financing, call/text: 786-853-0711

Tags

All blog car appraisal cars tires Auto insurance Safer driving Divorce appraisals Car consultant Diminished Value VIN Vehicle Identification Number Collector Cars Appraisal Clause Pre purchase inspections Vehicle Inspections Charitable Donation Total loss Prior to loss Totaled car Wrecked car Modified vehicle Extended warranty Probate Estate settlement Boat appraisals Financing Stolen vehicle Auto theft Hyundai Restomod Amelia Island Auction Nissan Cadillac Auto accident Collector car math Porsche Stolen car Ferrari Agreed value insurance RM Sotheby Monterey Ford Thunderbird Pebble Beach McLaren Mercedes Austin Car Jokes Hurricane Dorian Flood Austin Healey BringATrailer Buick Audi R8 Motorcycle appraisal Lamborghini Most Expensive Car in the World Fair Market Value Datzun 240Z Barn find Ford Bronco South Florida Bullitt Mustang 1937 Cord Bugatti Chevy Tahoe Jaguar Rebuilt title car appraisal near me Boat appraisal Fair market value appraisal Triumph TR6 Auto Appraisal Tesla Florida Recreational vehicle Miura Pinto Veyron Yugo Trabant Koenigsegg collector motorcyle Bankruptcy Rolls Royce Charity Donations Polaris Slingshot Auto loan Merry Christmas Antiquecar Classiccar fordmustangfastback motorcargallery Alfa Romeo Chevrolet Tri-Five Race car Teen driving Excalibur Phaeton Fire total loss insurance settlements Ford Pinto Chevrolet Vega AMC Gremlin JDM Japanes Domestic Market Kuruma Imports Branded title Salvage title Dodge Durango SRT Hellcat NSX Ford Mustang Shelby

Facebook Feed

Financing old cars Financing old cars

Buying an older car has its advantages, and the purchase process is relatively easy. As simple as it is, however, it's not unusual for drivers to have questions, especially when it comes to financing. In fact, one of the most common inquiries drivers have about buying a pre-owned vehicle is, "can you finance a car older than 10 years?"

How do you get financing on your branded or rebuilt title? How do you get financing on your branded or rebuilt title?

OK, the first question to address is what is the difference between a branded, salvage and rebuilt, or reconstructed title? A ‘branded’ title is any title that is not a ‘clean’ title. Both salvage and rebuilt/reconstructed titles are branded, but there is a difference between salvage and rebuilt. Can you get a loan on a vehicle with a salvage/rebuilt/branded title?

What's a JDM? What's a JDM?

JDM refers to cars built for use on Japanese roads. It is a common misconception that JDM refers to any Japanese car, however this is not true, as it only applies to those models manufactured specifically for the Japanese domestic market. Note that all JDM vehicles are right hand drive, and left-hand gear shift, so may take some adjustment for those only ever having experienced left hand drive vehicles.

So, what’s your Ford Pinto worth? So, what’s your Ford Pinto worth?

Once among the most popular cars in America, the Pinto is now an endangered species! Of the 3 million Pintos manufactured, experts estimate that fewer than 10,000 are still on the road. So, what’s your Ford Pinto worth? The current average value of a Ford Pinto is about $9,700, although a nice example sold on the popular online auction website Bring-A-Trailer in July 2021 for $17,002. Yes, somebody bid the extra $2! If you want to know the current Fair Market Value of a Pinto/Bobcat, Chevrolet Vega, AMC Gremlin, or your classic car text/call 786-853-0711.

Car appraisal near me Car appraisal near me

If you are looking for a car appraisal near you, and you are in South East Florida, you've found us! Getting a car appraisal before you buy, sell, or trade a car helps you get a good idea of the vehicle’s value and puts you in a better-informed position to negotiate. Several factors can affect a car’s value, such as your location and what kind of buyer you’re selling to (if you’re selling). Where you go to get your car appraisal could also affect the estimate you receive. Online guides, lenders, car dealers and professional appraisers can all offer car appraisals.

Pre-purchase inspections or financing appraisals on 'oddball' vehicles - Pre-purchase inspections or financing appraisals on 'oddball' vehicles -

Whether you are looking to purchase a 1946 Chevy pick-up truck with a Corvette engine, a 1979 Excalibur Series II Phaeton, or any other out-of-the-ordinary "oddball" vehicle you would be well advised to get a pre-purchase inspection, or financing appraisal to determine the condition and/or the fair market value of the the vehicle. Call/text 786-853-0711 to discuss your needs

Financing older cars, trucks, motorcycle and boats Financing older cars, trucks, motorcycle and boats

If you have tried to obtain a financing loan on a vehicle, say, 10 or more years old, you may have found that the lending institution won't do so without a current fair market value appraisal. In addition to financing, we provide diminished value and prior-to-total loss appraisals. Call/text 786-853-0711 for more info.

Pre-purchase Inspection (PPI) or Financing appraisal for a 1955-58 Chevy Pre-purchase Inspection (PPI) or Financing appraisal for a 1955-58 Chevy "Tri-Five"

If you are looking to purchase a 1955-57 Chevy "Tri-Five" in South Florida and want a pre-purchase inspection (PPI) or need an appraisal for financing, we've got you covered! Call/text 786-853-0711 to receive a sample of our 25 page 40+ photograph pdf report

Is this a Pass or a Fail? Unsure! Is this a Pass or a Fail? Unsure!

As seen in a South Florida wrecker's yard, along with many other total loss vehicles. But did it pass or fail? Hmm... If your vehicle was involved in an accident and declared a total loss, do not accept the insurance company's initial offer! Invoke your right to the Appraisal Clause in you policy and get an independent appraisal of its prior-to-loss fair market value. Call/text 786-853-0711

Google 'diminished value car' Google 'diminished value car'

Google 'diminished value car' and there's lots to learn! Here's one explanation: 'After an accident, your car’s market value will decrease even if it goes through all of the necessary procedures to restore it back to its prior condition. Diminished value is the difference in your car’s market value before and after an accident. Even if you try to resell your vehicle, the history will show that it has been involved in an accident, which will bring its value down. A diminished value claim can help recover the costs to bring your vehicle back to the market price before an accident.' Need a Diminished Value Auto Appraisal? We can help!

Auto Appraisal Network South Florida

Enter Your Zip Code

Financing old cars