Finance For Older Cars

All you have to do is apply for the loan and head over to the dealership once youre approved. According to Trevor Browse managing executive of Nedbanks Motor Finance Corporation creditors are not concerned about older cars considered vintage collectables they will only appreciate in value.

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The loan representatives understand the collector car market namely why a 40-year old car might cost upwards of 100000 or much more.

Finance for older cars. How to Finance a Car Older than 10 Years Old. If the vehicle youre looking to finance is older than 10 years consider using a credit union or a local car dealer that can provide in-house financing. Financing an older used car usually requires a down-payment or trade-in.

For those who decide to buy an older vehicle or one from a private seller the only option is to apply for a personal loan. At Edan Traders we offer our own customized in-house finance packages to customers assisting in alleviating some of the frustrations found when having to arrange finance through some of the major banking groups. Because these loans are unsecured lenders usually charge higher interest rates to compensate for the risk but unlike a vehicle loan purchase you own the vehicle.

Hobby-Specific Financing This is a fairly new alternative for someone wishing to buy an antique classic or collectible vehicle. From Hire Purchase to Lease Purchase our finance packages are both flexible and tailored to suit your individual requirements. Finance a vehicle up to 20 years old.

But banks are far from the last option when it comes to auto lending. Credit unions often have less stringent underwriting requirements than banks or dealership financing departments. Typically a bank wont finance any vehicle older than 10 years even if you have good credit.

Although this is a military credit union you dont have to be a member of the military to join so I joined up and I discovered car financing heaven. If youve found yourself asking this question during your used car search the answer is yes-you can finance a car older than 10 years. Other Sources of Direct Lending.

If you dont have great credit you may find it difficult to finance through a bank even for a new car. Buy or sell a vehicle privately. The best way to obtain financing for an older vehicle such as a 15-year-old car or a used car with more than 100000 miles on it is through a credit union.

Cars last longer so finance companies are willing to take older cars because cars are better Jordan van Rijn senior economist at the Credit. Vehicle finance is a specialised loan that you get from either a bank dealership or a vehicle finance company that allows you to pay off a new or pre-owned vehicle in monthly instalments over a certain period of time. Feel free to discuss your financing requirements with us.

If the car is at a dealership they will know this and try to convince you to use their in-house financing. Monday 22nd February 2010 Car finance is usually only available on cars which are no older than 7 years old at the end of the agreement so how then do most people buy say. Find Finance any car here.

However they are concerned about general vehicles that are older than 10 years because they have often depreciated completely. It turns out they finance any vehicle regardless of age with up to 120000 miles. Financing a car over 10 years old is quite simple.

Banks are a type of direct lender. They interest rates are quite high even if your credit is good. To qualify you must be a member of the credit union and you should.

Navy Federal for example is a nationwide credit union that may be able to offer you a great auto loan rate for an older car if. Find Finance any car here. We also offer finance deals for buying at auction.

Loan amounts up to 100000 for any make model or mileage. Avoid it if you can. Finance a vehicle for at least R30 000 after deposit.

Its a common option for people who do not have the means to. This includes finance for approved vehicles older than 5 years. Yes it is possible to finance a car that is 10 years old but it will not be through a national bank.

He gave me several suggestions but his top choice was Pentagon Federal Credit Union. Finance your next classic car purchase with one easy virtually paperless loan process. There are various ways you can simply and cost-effectively finance a classic car.

Expect higher interest rates than you would with a new car.

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