Can You Finance a Car Older than 10 Years?

Can You Finance a Car Older than 10 Years?

Buying an older car has its perks. Plus, the purchase process is fairly easy. As simple as it is, however, it's still common for drivers to have a question or two about it, 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.

How to Finance a Car Older than 10 Years Old

Can You Finance a Car Older than 10 Years?

Financing a car over 10 years old is quite simple. All you have to do is apply for the loan and head over to the dealership once you're approved. However, the process can be even easier when you work directly with a dealership.

Used car dealerships like Val-U-Line® employ a team of finance professionals that know a thing or two about securing financing for older vehicles. You apply for a loan in the finance department. Once they have your information, they'll be able to get a better idea of the options that would work best for you. They can also use their connections with banks and lenders in the area or across the country to help secure the rates you need.

From there, they'll work with you to determine the best plans for your lifestyle. Once you find the perfect plan with the terms you need, all you have to do is sign the papers, and you can drive home in your seasoned used car.

Where Can You Get a Loan for a Car Older than 10 Years?

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

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

A Buy Here, Pay Here dealership could also be a good option for some buyers. These used car dealers offer this type of in-house financing to bypass the traditional lending institutions. In some cases, it doesn't even require a credit check. You get behind the wheel of your pre-owned car and come back to the dealership once every few weeks to drop off your payment.

How to Prepare to Finance a Car

Can You Finance a Car Older than 10 Years?

Sure, financing a car 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.

Credit Score

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 excellent 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 may or may not 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.

Down Payment

Can You Finance a Car Older than 10 Years?

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

Putting a little money down 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.

Used Car Buying Fees

Buying any pre-owned vehicle requires paying a few fees. So, to make sure you get a loan that's right for you, you'll want to incorporate the following used car buying fees into your budget:

  • Title and registration
  • Sales tax
  • Documentation fee

A lot of buyers have questions about the documentation fee. What is it? Is it required? The answer is yes. Only some states regulate this fee, but it is a requirement at most dealerships. It covers the cost of preparing documents, like the title and registration, and sending them to the DMV. It also covers the payment of the dealer's office staff.

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Can You Finance an Old Car?

Wondering if you can finance a car that's more than 10 years old? If so, head over to Val-U-Line®'s nationwide used car dealerships. Not only do we make it easy to finance an older pre-owned vehicle, but we're happy to offer hundreds of affordable vehicles in our inventory for you to browse through.

With so many options and a team of dedicated customer service professionals, you're sure to find the right car at the right price and the right financing here.

For more information, contact us today!