Unless you are interested in purchasing a classic collector's car, it can be difficult to obtain financing for older vehicles. This stems primarily from the low value of older cars. While difficult, it is not impossible to get financing on an older vehicle. It is often easier to finance an older vehicle if you have a large down payment or if you can afford a short-term loan.
Instructions
- 1
Purchase the vehicle through a used car lot that offers financing. Car lots typically offer financing for any car on their lot. You may not get the best interest rate by financing in this manner, but it does allow you to drive the vehicle off the lot the day you want it.
2Use a home equity line of credit, if you have a home with equity in it. If not, you can ask the bank for a personal loan using another asset as collateral, such as a boat or a retirement account.
3Sign up with a peer-to-peer lending site, such as Lending Club or Prosper.com, to finance an older car. With one of these services, you submit to a credit check and list what you need the loan for. Individuals contribute money to your loan goal so that you can get the full amount needed.
4Apply for a used car loan through a lender that does not mind financing older cars. Some examples are Rapid Car Loans, EZ Auto Finance and Road Loans.
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