Where can I get a loan for a car that's over 10 years old?

I want to buy a used Corvette with low miles, but it's nearly 15 years old. Because of its age, I'm worried that I won't be able to get a loan. Is there a place I can get a car loan for a vehicle that's over 10 years old?

“One simple place to start is the internet.
E-Loan and Clearlane are two of the most popular car loan aggregators. While there’s no guarantee they’ll lend you money for a 10-year-old vehicle, it should weed out lenders unwilling to do so.
You can also shop with local lenders, like credit unions or banks, or apply with nationwide lenders. Credit unions are typically more open to working with you on a car loan for an older vehicle and their rates are often lower than other financial institutions.
Ten-year old cars are in a weird zone when it comes to lending and insurance. They’re not worth a lot, so you can’t insure them as classic cars, but you also need proper coverage. To make sure you don’t spend too much on insurance, be sure you use the free Jerry app. Jerry compares rates from the top 50 providers and delivers the best deals to your phone in minutes.”
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.

Did this answer help you?

Ask us a question by email and we will respond within a few days.

Have a different question?

You can meet us at our office and discuss the details of your question.

Read advice from car experts at Jerry

Easiest way to compare and buy car insurance

No long forms
No spam or unwanted phone calls
Quotes from top insurance companies
Find insurance savings — it's 100% free