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Top 5 Auto Loans for Older Cars of 2024 – Finance an Old Car

Even if you have a less-than-ideal credit score, you can still secure a few auto loans for older cars. Your car will be used as collateral since an auto loan is a type of secured loan. The lender may take possession of your car and sell it to recover its losses if you don’t make payments. Even though it may sound terrifying, getting qualified for older car auto loans is generally straightforward, regardless of your credit score. Additionally, your chances of getting a car loan are improved if you can make a down payment or bring a co-signer with you.

Is it Possible to Obtain an Auto Loan for Older Vehicles?

Absolutely Yes, you can get an auto loan for older vehicles and there are various sources from where you can obtain them. If you want to take a loan for your favorite car or for a private party then there are banks, credit unions, dealerships & various online channels that can help you in getting the loan. 

In case you are finding it difficult then it totally depends upon how you are defining the term older. If you have a car that is ten years old or more then you may not get a loan although you have a very good credit score.

There are banks that want that your vehicle should be new for more than ten years old and the miles that it covers should not be more than 100,000 & also it should be able to finance $5000. But, as we have mentioned above, different lenders can help you in getting a loan for the old model. 

Top 5 Auto Loans for Older Cars

In today’s market, one of the top auto loans for older cars is from a credit union. Credit unions offer more feasible loan terms and conditions than other financial institutions do, making them an attractive option for those considering a loan on an older car. With lower overhead expenses compared to traditional banks, they can provide better rates and terms in terms of loans. 

The advantage of credit unions is that they are not-for-profit organizations and borrowing has a great benefit to both the borrower and the institution itself. Additionally, their services usually come with no origination fees or prepayment penalties, so you can pay off your loan earlier if needed without any additional fees. Follow our list below for the best Auto Loans For Older Cars.

1. LendingTree


Our rating- 4.4/5

The LendingTree says the ordinary age of second-hand cars should be 7 years old if you want to finance them. It is because of the high cost & modest availability. You can finance your old car just by giving a form and there is no tough credit pull. They will provide you with various online tools that can help you to get loans, equity, auto loans, personal loans, etc. You can contact many lenders of your choice. 

They generate fees according to customers & lenders and you have to pay closing fees when your transaction is completed. This company is working in the US alone. Users go for it as it provides security, saving, and support. 

No need to connect with many lenders to finance older cars, just fill out one form in 5 min, and then they will connect you with the lender that matches your profile and you can complete the process online. In case you are stuck anywhere then you can contact them for support and get all resolutions to auto loans for older cars. 


  • You can use it for refinancing, purchase, & rent buyouts.
  • You should keep in touch with five lenders that can match your profile.
  • It has a network around the globe.
  • It doesn’t take much of your time & it’s free from any charge.

2. Auto Credit Express

Auto Credit Express

Our rating- 4.9/5

Auto credit works with finance organizations & helps you to get new or used cars that have lots in the US or Canada and they will connect you with buyers who have fewer credit scores. They will connect you with lenders where you don’t have to do a down payment to finance older car. Because there are lenders who will ask you to give $1500 monthly and this amount can vary as the path of your income too.

The ideal benefit of using Auto Credit is that it allows those with less-than-ordinary credit scores to obtain financing for a car without having to put down a large amount of money upfront. Additionally, their lenders are previewed by Auto Credit Express, and buyers can rest assured knowing they are working with reputable companies who are offering fair rates and terms on their loans. 

Finally, since all applications are done online, it makes the entire process quick and convenient and allows buyers to get into their cars faster than ever before. 


  • Users with poor credit should have $1500 per month for approval.
  • They have been in this business since “1999”.
  • The network partner has shut $1 billion for poor credit for auto loans.
  • Expert in auto repair loans, poor or no credit, bankruptcy & recapture.
  • Simple and you can pre-qualify within 30 sec.


Our rating- 4.5/5

If you go for this option then it will only take 3 minutes to finish the process & they will associate you with a partner who is an expert in this field and can help in qualifying if you have a poor credit score or if you are auto financing for the 1st time. It ensures that it makes up the biggest online chain in regard to auto dealers that are experts in different kinds of financing. 

Due to this, there are huge loans that get qualified each day to finance older car. They will not disapprove of you based on bankruptcy or any other mistakes done by you. helps buyers as they have connected with millions of dealers so that users won’t find it difficult to get a loan. 

In case you have poor, fair credit or facing some issues then they will help by uniting you with the lenders that are available in your region and can give the ideal choices from which you can pick up the best option for you. 


  • There is no charge for the application.
  • Reasonable payments & zero application fees.
  • They are masters in providing auto loans for bad credit, bankruptcy, sub-prime, and for the 1st time buyer.
  • It connects thousands of buyers in a single day. 
  • The day you applied for a loan you will get the approval on that day itself.


Our rating- 4.0/5

If you submit a sole loan request then you will get 4 loan offers from which you can choose the offer that suits you and all this will happen in just a few minutes. The offer that you will see will provide you with a distinct interest rate, income requirement, & the payment that you made each month. 

They will provide loans for the latest & used cars and also do refinancing. Capable borrowers can get 90 days until their 1st loan payment becomes overdue. Their main motive is to provide you with so many offers so that you don’t have to go far to get classic car loans. You can apply for it as the process is very simple and secure. It will also help you in saving your time and money. 

They will offer you different choices that suit your situation to finance older car. After this, you can select the loan that trades in your favor. You don’t have to do much work as they will do and give that to the lender.


  • Poor credit is ok.
  • It provides loans for the latest, and used cars.
  • Get a loan certificate either online or within 24 hrs.
  • Confronts “national network of lenders”.
  • You will get four offers.

5. RefiJet


Our rating- 4.3/5

With the help of the best auto loans for older cars, RefiJet, you can refinance an old auto loan against the latest loan that can offer more reasonable terms related to monthly payments or low-interest rates. If you want to use RefiJet then your vehicle should be ten years old. There is a loan aggregator that comes in contact with 20+ lenders to offer to refinance and rent buyouts. 

It will not provide purchase loans. The application process can’t be done online. You need to call a representative that will guide you and tell you the status of your application. It will match customers with lenders and offer them various loan choices that can help them to pre-qualify. 

While doing this your credit score will not get affected. Once you have chosen one option you will submit it then the lender will approve it and it can go for a hard check. It also provides cash-out refinancing which means that users who have any vehicle equity then you can get cash. 


  • Nationwide channel of lenders to finance an older car.
  • If you pre-qualify for a recapitalized auto loan then it will not affect your credit score.
  • It helps users to lower the payment up to $150 that they are making each month.
  • You will get choices from lenders to decide what situation is good for you. 

What is the Maximum Age for Car Financing?

They haven’t mentioned any age limit for financing vehicles but if it is old for more than 10 years then it starts diminishing. In case your vehicle is 10 years old then you should go for a local dealer or credit union that will provide you with internal financing. For example, we have Navy Federal which is an overall credit union that can provide you with affordable rates for older vehicles if you fulfill the criteria and gets the membership. 

You have the chance to see if you have been pre-approved before you submit your loan application. If you go for a credit union then you will experience more calm criteria for approval and they give their 100% so that you get approved.

In case you are not part of a credit union then you can take help from the above lenders that we have mentioned as they connect you directly with the lender and you can get various financing options although you have a bad credit score.

How Much Credit Score is Needed to Get a Loan for an Older Car?

An older car auto loan qualification doesn’t require any specific credit score. Every financial organization that provides car loans will decide the criteria by itself. There are many banks that will not accept you if you have a credit score which is less than 600. But, we have BHPH lots that will not look at your credit score. 

The good thing about auto loans is that you don’t need to make as much effort in getting loans as you do for getting loans for different reasons. They keep your vehicle as collateral and if you fail to make any payment then they will keep the vehicle with them & recover the amount by selling it. 

So, you have to go through with less risk if you take an auto loan. Additionally, lenders know that a vehicle is a very basic need for everyone until you reside in such a place where you can easily get transportation facilities and there is no shortage of resources. 

You need a vehicle if you want to go to your office, school, or anywhere if there is no facility for transport. There are lenders who give their 100% so that you get a loan and live your life happily. 

Auto Loan for Car Older than 10 Years

If we talk about the average age of the vehicle today which is eleven years. It is estimated that this number is going to increase only in the future, that’s why it is easy to get a loan for old vehicles. There are various institutions that go through some points that we are mentioning below before giving loans:

  • The credit score.
  • The amount should be $5,000.
  • Overall mileage.

You may find there are various banks that can provide you with a loan for the ten-year-old vehicle but if you go for credit unions then it is a better option to finance older car. As you can easily get approved for this and also get more pop-ups and have a chance to obtain good options for which you can easily be eligible. Even the Buy here & pay here option is good as they are a locally based company that sells & finances cars at the same location. 

Despite borrowing an amount from an old lender, credit union, or bank, you just need to pay the amount and get your new car directly from the dealership. There are many cases where you don’t need to do a credit check. 

From Where Should You Acquire a Loan?

If you want to buy a new car or a second-hand car, there is always a 3rd party that is working behind it to get you a loan which is also called “indirect financing”. There are dealers who connect with credit unions that can provide you fewer rates for an auto loan. They have various finance partners that come together and fund auto loans as they want that all customers should get approved whatever their credit score will be. 

If Bank A is not approved then other banks will approve. For some first bank will offer less interest rate but for someone, it is possible that other banks will provide less interest rate. So, customers choose the option that is ideal for them. 

Although, there are a few dealers that do financing of their own and it includes Buy here, Pay here. They mainly deal with customers who have bad credit & where the approval is based on debtors’ income. You might also be subjected to loan terms but have more APR through in-house dealer finance, they will offer high rates to borrowers with the worst credit.

Is it Possible to Obtain a Car Loan with Your Own Bank?

If your vehicle is not old for more than ten years then you can get approved to finance it from the bank. But, if you desire to finance older car which is exceeding ten years then you need to look for other options such as a BHPH lot, credit union, or local dealer. 

This is not a mandatory rule that you have to follow as each institution makes its own decisions and you can see all the information related to cars like the value,  credit history, income, mileage, or other things which are important that you should look for. 

You know that banks want to get more and more money that’s why they have made it a business. Your request for a loan can be disapproved because of many reasons like

  • You have a record of defaults, late payments, or bankruptcy. 
  • Your value for the vehicle is not more than what they have asked for.
  • The money that you are asking for doesn’t match your loan requirements.
  • The “Carfax report” will show a record of mishappenings.

If you build a strong relationship with the bank then they won’t hurt you and provide you with a loan for the vehicle. In case it doesn’t happen, just look at the auto loans for older cars available options that we have recommended above. 

Car Financing: How to Prepare?

There is nothing easier than financing an old car but you may see a few aspects that you need to consider. If you look for these aspects then you will not face any difficulty and you can get the loan easily. 

1. Down Payment

Depending on a few factors, finding the correct finance for old cars can take some time. Fortunately, no matter what the lifetime of your car is, doing a down payment may help you to get granted a loan. A little down payment can lower the amount you want to take from lenders. If you borrow less amount, the more probable it is that your loan application will be accepted.

2. Co-Signer

It might be possible that you don’t need a co-signer when you want to finance a used car and it is based on credit score. In case you qualify as single-handed then you don’t have to look for a co-signer but if you take them then you can lower your payment of interest & even get better options. A spouse, parent, or close friend who co-signs for you will be just as responsible for repaying the debt as you. Getting someone with a high credit score might be helpful in the long term to both the borrower & the lender.

3. Old Car Purchasing Fees

There are a few expenses associated with purchasing any used car. You should therefore include these points that will be seen in used car purchase costs to ensure that you acquire a loan that is appropriate for you:

  • Both registration and title
  • Revenue tax
  • Fee for documentation

Many buyers have concerns regarding the paperwork fee when dealing with auto loans for older cars. It is what? Is it necessary? Yes, it is the answer. Only a few states have laws governing this cost, yet most dealerships demand it. It includes the price of putting together and delivering the title & registration to the “DMV”. The salary of the dealer’s office employees is also covered.

Frequently Asked Questions (FAQs)

Q1. Can I finance a car older than 10 years?

If we talk about the average age of the vehicle today which is eleven years. It is estimated that this number is going to increase only in the future, that’s why it is easy to get a loan for old vehicles. You may find there are various banks that can provide you with a loan for the ten-year-old vehicle but if you go for credit unions then it is a better option for an old car.

Q2. Why don’t banks finance older cars?

There are various banks that find it risky to finance an older car. The age & type of your car matters a lot if you want to get a loan for a second-hand car. For example, the ordinary age for a car is generally 15 years but there are many banks that will not entertain your used car if it crosses 8 to 10 years. 

Q3. Can you finance a car with 150k miles?

Yes, you can finance a car with 150k miles as there are various banks that have no issues if you have high mileage. They know they can be used for longer than estimated. If you are buying straight from the manager then it is available only for the members of credit unions/consumers from banks. 

Auto Loans for Older Cars (Right Thing or Not!!!)

All in all, auto loans for older cars are generally simple to qualify for, regardless of your credit score. We have provided several options that can assist you in obtaining a loan for an old car. We have also included all the important details that can be helpful to you, and you can even share this information with your friends or family. If you encounter any difficulties along the way, we are available 24/7 to assist you.

Author Profile

Susan Anderson
Meet our Author of Our Editorial Team, Susan Anderson. She is an experienced writer and financial expert who has been writing about credit cards, card offers, services, and other related topics for more than twenty years. With her in-depth knowledge on the matter and her ability to distill complex topics into useful information for readers, Susan has become a go-to source for reliable credit card advice. In addition to her work at the editorial team, she also contributes to major publications such as The Wall Street Journal and With her expertise and industry experience, she is able to provide sound advice on all aspects of credit responsibly while helping people save money in the process.

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