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Thread: Who will finance a 10 year old car?

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    Club Sponsor Mike94ZLT1's Avatar
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    Default Who will finance a 10 year old car?

    I have a friend in a shitty situation and money is tight for him. He needs to purchase a vehicle, but doesn't have enough money to pay cash for it. Most banks won't finance anything older than 2001 right now, soon to be 2002. He doesn't want to do a personal loan because the interest rates are so high, and I'm not sure he has the credit to get one large enough. Are there any local banks he could check with? Thanks!

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    Club Member dave89iroc's Avatar
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    I remember financing a 1983 S10 in 1994 through comerica bank, but obviously, that was many years ago
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    Club Sponsor Mike94ZLT1's Avatar
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    Quote Originally Posted by dave89iroc View Post
    I remember financing a 1983 S10 in 1994 through comerica bank, but obviously, that was many years ago
    Times have changed

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    Club Member RedXtcy's Avatar
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    look up some credit unions? but i think mine only does 7 years im not really sure
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    Club Member Joe's Avatar
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    Maybe he is trying to buy the wrong car?
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    Club Sponsor Mike94ZLT1's Avatar
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    Quote Originally Posted by RedXtcy View Post
    look up some credit unions? but i think mine only does 7 years im not really sure
    I checked with mine for him. I use DFCU and the only go to 2001.

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    Club Member Birdie2000's Avatar
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    When I looked into it a year or two ago, Credit Union One used to go back 10 years or so. Not sure what they're like now, but at the time they were the only one who would do that without charging a ridiculous interest rate.

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    Forum Member DSG SNAKE's Avatar
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    I have heard capital one auto finance is flexible on years, since they take into consideration the rarity or special value of certain older cars. ive heard of them financing syclones or typhoons, just to give you an idea.

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    Nipple show-er kovacs32's Avatar
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    At EMU credit union they approved a loan for my 98 explorer 2 years ago.

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    Club Member 99slverZ's Avatar
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    My FCU financed my 1999 just fine.

    Right now banks and credit unions aren't exactly giving out loans to everyone. If his FICO score is below 620 he probably won't get financed and if he does it will be at a "B" lot with 20%+ interest rates and $1500+ down.

    My girl is 19, she has one credit card. Never been late, her scores are 670 across the board. Not one dealership around here could approve her without me signing. She got approved at a B lot with a big down payment and a high interest rate. Your buddy might have to bend over for a year until his credit is better and then he can refinance the car at a better rate. Good luck.

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