Will a bank give me a loan for an older model vehicle?

I want to buy a 2013 Mercury Milan that only has 40,000 miles and was driven by an elderly couple. Will the bank give me a loan for this?

Answer
A 2013 Mercury with only 40,000 miles is a steal if you can get it at the right price!
Most lenders should give you a car loan for this vehicle. As a general rule, most banks and other lenders won’t extend a car loan if the vehicle is over 10 years old or the car has over 100,000 miles. Since your Milan meets these qualifications, the car itself won’t prevent you from getting a loan.
That said, you’ll still need the right qualifications to be approved for the loan. You’ll need a steady income and a decent credit score to secure a car loan. A great way to make sure you qualify is by seeking preapproval.
Once you get approval or preapproval, put some time into shopping for car insurance. You’re going to need full coverage car insurance because of the stipulations in your loan, so budget accordingly. Use the Jerry app to compare rates in minutes. Jerry will even take care of all of the paperwork for you!
Eric Schad
Answered on Oct 21, 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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