Do all credit unions have stipulations on the age and mileage of vehicles?

I want to get a diesel truck for work. I've been looking at full-sized diesel trucks that are 10 to 15 years old with 100,000 miles. My bank said they wouldn't finance these trucks because of age and mileage. Do credit unions have the same stipulations?

Answer
“Credit unions may have looser stipulations for financing, but every credit union has its own set of regulations.
Many credit unions have a cutoff for age and mileage. Depending on the credit union, this is around 10 years and 100,000 to 150,000 miles. The cutoff protects them from a car that could essentially become worthless as collateral if it breaks down.
Beyond their cutoff, credit unions also take your risk into account, including your current amount of debt and your credit score. If you have a higher credit score and are considered lower risk, they may consider financing an older vehicle.
If you can find a lender, remember that you’ll also need full coverage car insurance, so don’t max out your budget on the vehicle alone.
While insurance can be expensive, that doesn’t mean it has to be expensive. Try using the free Jerry app to help you compare rates from the top 50 companies and get the best deals delivered to your phone in minutes.”
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Eric Schad
Answered on Aug 10, 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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