Are there any alternatives to a car loan for purchasing a vehicle?

"I want to purchase an older vehicle for $3,000. When I went to my lender, they told me that the car was too old to qualify for financing. Are there alternatives to a traditional car loan?"

“You could always get a personal loan to buy the vehicle, but keep in mind that the interest rate will probably be 10% or more.
If you’re buying from a dealer, you might want to ask about putting the purchase on your credit card. If they allow this without a fee, that’s another option.
In this case, you’ll get bonus points on your card, but you’ll also need to pay the car off as soon as possible, as interest rates can shoot up to 20% or more.”
Eric Schad
Answered on Jul 27, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.

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