Car News. Although this is a military credit union, you don't have to be a member of the military to join -- so I joined up, and I discovered a car-financing heaven. It turns out they finance any vehicle, regardless of age, with up to 100,000 miles. Recently, I think they told me they even raised the mileage limit.
Bank loans can be used to finance used cars in the same way as a brand new model. The interest rate and the amount you'll have to repay each month will be set by the bank. These loans may be the most suitable option if your preferred dealer doesn't offer HP or PCP finance packages on their used cars.
The longer the loan, the more interest you will have to pay on it, both in terms of the rate itself and the finance charges over time. Edmunds recommends a 60-month auto loan if you can manage it.
Now you can get the keys and drive it off the lot, with a low-interest used-car loan from LightStream, our national online lending division. With loan proceeds deposited into your account as soon as today 3 , you have the power to negotiate and close your best deal as a cash buyer.
Yes, it is possible to finance a car that is 10 years old, but it will not be through a national bank. If the car is at a dealership, they will know this and try to convince you to use their in-house financing. Avoid it if you can! They interest rates are quite high, even if your credit is good.
Credit unions are a great place to get used car loans. If you do decide to finance a used car because you simply can't afford a new one, or because you just don't want to spend a ton of money, you'll need to find the best interest rate possible. That just might be at a credit union.