How old of a vehicle will banks finance?
#1
How old of a vehicle will banks finance?
I'm curious is there a website that will tell me on average how many years most banks would finance different years of vehicles?
I've had a few guys ask to trade for my Stang, but I'd probably have to get a loan for whatever it was, and I'm just curious how old of a vehicle I could get financed...
I've had a few guys ask to trade for my Stang, but I'd probably have to get a loan for whatever it was, and I'm just curious how old of a vehicle I could get financed...
#2
#3
Originally Posted by closer9
I'm curious is there a website that will tell me on average how many years most banks would finance different years of vehicles?
I've had a few guys ask to trade for my Stang, but I'd probably have to get a loan for whatever it was, and I'm just curious how old of a vehicle I could get financed...
I've had a few guys ask to trade for my Stang, but I'd probably have to get a loan for whatever it was, and I'm just curious how old of a vehicle I could get financed...
#4
I'm talking late 90's early 00's. I'm just curious how many years they'll go not how much money they'll loan. I know loan values vary greatly depending on model, options, etc...
But in the past I remember banks saying for example a 4 year old vehicle they would only loan for say 36 months... that kind of thing is what I want to know...
But in the past I remember banks saying for example a 4 year old vehicle they would only loan for say 36 months... that kind of thing is what I want to know...
#5
Originally Posted by closer9
I'm talking late 90's early 00's. I'm just curious how many years they'll go not how much money they'll loan. I know loan values vary greatly depending on model, options, etc...
But in the past I remember banks saying for example a 4 year old vehicle they would only loan for say 36 months... that kind of thing is what I want to know...
But in the past I remember banks saying for example a 4 year old vehicle they would only loan for say 36 months... that kind of thing is what I want to know...
#6
#7
Originally Posted by ddellwo
I thought you were selling the 'Stang to lose a car payment -- if you're taking one out as part of some kind of trade, aren't you defeating the primary purpose you're selling the thing???
I'm not saying I'll do it, but not saying I won't either...
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#8
Banks, like finance companies (Honda Credit, GMAC, Ford Credit, etc..) have gotten a little more flexible in recent years, but- the manufacturer, and mileage has as much to do with financing as does the age of the car.
If it's over 3-4 years old, and American built, but has north of 100,000 miles. You'd better bring a big check with you if you hope to get financed (20 - 30% down). But, the same year, and mileage on a Honda, Nissan, Toyota, Lexus, Infiniti, Acura, and you'll get financed quickly...
The only American built vehicle that the banks will touch in that scenario, is a truck. No matter what, a truck is a truck, and when it has lost it's appeal and style when pulling up at valet parking, it can still find full time employment an any farm, and still last another 10 years.
Once you've beat the life out of a car; it's only good for short trips to the grocery store, and around town...
My wife used to sell cars, so I know a thing or two about the how to's and why for's...
If it's over 3-4 years old, and American built, but has north of 100,000 miles. You'd better bring a big check with you if you hope to get financed (20 - 30% down). But, the same year, and mileage on a Honda, Nissan, Toyota, Lexus, Infiniti, Acura, and you'll get financed quickly...
The only American built vehicle that the banks will touch in that scenario, is a truck. No matter what, a truck is a truck, and when it has lost it's appeal and style when pulling up at valet parking, it can still find full time employment an any farm, and still last another 10 years.
Once you've beat the life out of a car; it's only good for short trips to the grocery store, and around town...
My wife used to sell cars, so I know a thing or two about the how to's and why for's...
#10
#11
here's a link to my banks website with all their rates and lengths and such. I would assume that most banks are about the same to be competitive.
http://www.aacfcu.com/loanrates.shtml
http://www.aacfcu.com/loanrates.shtml