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How old of a vehicle will banks finance?

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  #1  
Old 04-28-2006, 12:37 PM
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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...
 
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  #2  
Old 04-28-2006, 12:43 PM
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My bank will finance just about anything, just as long as you aren't asking for more than the vehicle is worth.
example: they would give you a loan for a 1996 Ford Tempo, but they won't give you a loan for $20,000 for a 1996 Ford Tempo
 
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Old 04-28-2006, 12:48 PM
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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 think that will all depend on the the vehicle you are trying to finance and what kind of market value it has. If you are trying to get a loan on a sixties vehicle worth $250k, you will get some kind of a loan. If you are trying to finance an 80s or 90s vehicle worth $1k, I doubt it. It would also depend on how much you are trying to finance. If trying to finance $10k on a vehicle worth $7k you won't get a loan. If trying to finance $2k on a $10k car, you will probably get the loan, but at higher rate than what you can get from the same place for a new vehicle.
 
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Old 04-28-2006, 12:57 PM
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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...
 
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Old 04-28-2006, 01:12 PM
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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...
Thats been my experience that a 4+ year old car they will not put a loan for more than 36 months. Unless of course if its a collector car, etc. But some banks are more leinient on it than others. Some will do a 5 year loan on an expensive car that is 4 years old but not on a Hyundai. I'd either just go and ask the bank what their policy is or look online.
 
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Old 04-28-2006, 01:43 PM
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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???

 
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Old 04-28-2006, 02:09 PM
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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???

Yes, but if I can cut my payment in half I've halfway accomplished my task... I can't keep the Camino for ever, and I won't use my Belvedere as a daily driver, so eventually I'll have to get something else...

I'm not saying I'll do it, but not saying I won't either...
 
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Old 04-28-2006, 02:16 PM
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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...
 
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Old 04-28-2006, 04:32 PM
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Several years ago, I financed (just 12 months) a 1976 Jeep CJ5. I only financed like $1500 of it, but they did it (with collateral of course)
 
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Old 04-28-2006, 05:05 PM
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A few years back I financed a 3 year old truck for 5 years.
Just like it's been said before, I believe it all has to do with how much you'd like to borrow versus how much the vehicle is worth. With most places I'm pretty sure there aren't age/term limits.
 
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  #11  
Old 04-28-2006, 05:10 PM
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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
 
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