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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?

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Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
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!
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