Do banks finance cars with over 100K?

Question

I am considering purchasing a used car from about 1995 to 1997. The problem is that most have over 100k miles on them. I have heard that banks will not finance a car with over 100K, is this true? If so where else can you get financing? Will you have to pay higher interest rates?

Answer 1

I've financed several vehicles with over 100k miles. The problem is that on a 10 - 12 year old car you'll pay a high interest rate and will only get a short term, 2 - 3 years at best and 18 months is probably more like it.

Answer 2

Try Capital One Finance. They are one of the banks that will finance cars with high mileage and older models. A lot of other banks will do this type of financing especially if it is a newer model with more miles. However, you will for sure pay more in interest rates. So if your specific situation makes you to do this kind of thing, just call and ask banks if they will finance these kind of cars. You will also have a higher chance of getting finance if you buy Japanese cars with higher resale value...

Answer 3

They usually will not. It is their stance that if they finance a 100K+ car, it will need expensive repairs long before the loan has been paid back and therefore the borrower will stop making payments.

Answer 4

Ask your famous lender. we haven't any concept. this isn't any longer Yahoo! solutions community Federal credit Union. yet, that's lots greater effortless to get a private loan for under a lender thinks a automobile is properly worth.