Can I take out a loan for a car with over 100,000 miles?

My dad meticulously took care of his car, but he's going to buy a new one. I want to buy his, but I need a loan. Can I get a loan for a car with over 100,000 miles?

Answer
Purchasing a car that is in great condition with over a 100,000 miles on it is a great way to save some money! However, it is unlikely that a lender will approve you for a car loan due to the risk of mechanical malfunction or low cash value.
Alternatively, you could get a personal loan or signature loan to purchase the car. These types of loans have no collateral, so what you use the money for is entirely up to you.
Unfortunately, these loans will have a much higher interest rate. But if you make extra payments and get a short-term loan, you can minimize the amount of interest you pay. If you choose this option, make sure you stay on top of your repayments—otherwise, it could hurt your credit score.
Regardless of which loan option you choose, make sure to shop around for insurance to protect your new (or new-to-you) car. The car insurance comparison shopping app Jerry does all the hard work for you, like finding the best coverage at the most affordable price—Jerry can even cancel your old policy! The best part? The average driver saves $879!
Eric Schad
Answered on Oct 25, 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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