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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?"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“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.”
View full answer
- Gregory R.
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