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.
Financing an Older Vehicle
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.
Dealerships, including Val-U-Line®, employ a team of finance professionals who know a thing or two about securing financing for older vehicles. You apply for a loan in the finance department, and 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 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.
For Your Consideration
Sure, financing a car that's over a decade old is easy, but there are still aspects you should consider, so you can be thoroughly prepared when you're ready to apply.
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.
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. Either way, you should still take the steps needed to boost your score, so you can make financing a used car easier in the future.
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
Get Behind the Wheel of a Great Used 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!