Financing Older Used Cars: What You Need to Know
Update: 2025-11-14
Description
Financing an older used car can be challenging due to lender restrictions on age and mileage. Banks like Chase, Capital One, and Bank of America have specific limits, often considering factors like loan amount, loan-to-value ratio, and vehicle type. Older, higher-mileage cars pose risks for lenders due to potential depreciation and repair costs. To increase approval chances, consider a larger down payment, co-signer, or prequalification. Credit unions may offer more flexible options. Understanding these rules before shopping can save time and frustration.
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