Auto Loans For Vehicles Over 10 Years Old

Although the lower monthly payment may seem attractive a decade long auto loan could leave you paying for a vehicle that s worth very little 10 years from now.

Auto loans for vehicles over 10 years old.

Many reputable financial institutions will not finance car loans for vehicles older than 10 years. Or see if refinancing is right for you. 10 year auto loans. In conclusion the bottom line is that if a vehicle is found that is over 10 years old has the right price looks attractive and fits your needs a loan likely will be available from a bank.

Some lenders and credit unions however offer extended loan terms of anywhere from 96 months eight years to 120 months 10 years. That said we re able to provide you with some monthly payments and interest amounts paid based on excellent good fair bad and terrible credit. A lot of information seems to indicate that a borrower may have better luck financing a 10 plus year old car with a credit union. In actuality 120 month car loan rates vary based on your credit ratings location and your loan company.

Interest rates tend to be low and loan terms can be generous keeping monthly payments affordable. Suntrust classic car loans offer competitive interest rates and flexible terms. According to experian the average new car loan is just over 35 000 with most people choosing a 60 or 72 month auto loan term. To finance that amount and with those terms lightstream.

How do you finance a used car purchase for a vehicle that is greater than 10 years old. The average car loan term in 2018 is around 72 months six years. The key to getting lending for an older vehicle from a credit union is that the car must be at book value or below including taxes and fees. This is a fairly new alternative for someone wishing to buy an antique classic or collectible vehicle.

The loan representatives understand the collector car market namely why a 40 year old car might cost upwards of 100 000 or much more. Chase auto finance enjoy flexible car buying and auto loan options for new and used cars. It s easy to apply and fast to get access to your funds. These figures are based on a 20 000 loan.