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.”
MORE: What is a Car Lien?
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