What are the vehicle eligibility requirements for bad-credit car loans?

I've got bad credit and I want a loan for an older car. How do I know if this car is eligible for a loan?

Answer

This really varies from lender to lender, as there is no universal standard that all lenders adhere to. However, most lenders will only give borrowers with bad credit a loan on a passenger vehicle that is no older than 10 years, has less than 100,000 miles on the odometer, is worth more than $5,000, and has a clean and clear title. Lenders also tend to steer clear of vehicles with unresolved accident damage.

Answered on Mar 12, 2021

Johnny Puckett is a freelance writer and automotive expert. He has contributed content to a number of some of the largest online publications, aftermarket automotive manufacturers’ sites, and automotive informational sites. His experience in the automotive and information fields informs his writing at Jerry. His automotive interests bleed into his free time, where he enjoys modifying his favorite cars and woodworking.

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