What is the oldest car you should finance?
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When financing a used car, the general consensus is to avoid vehicles that are over 10 to 12 years old or have more than 100,000 to 125,000 miles.
What is the oldest car to finance?
For instance, some local credit unions provide financing for used cars that are up to 15 years old, as long as they have fewer than 100,000 miles on them. In contrast, major banks usually finance vehicles that are no older than 10 years, but these vehicles should not have exceeded 125,000 miles on the odometer.
What is the maximum age you can finance a car?
There's no legal age limit to apply for car finance, but lenders may set their own maximum age—often around 75. Approval depends on your credit history, financial situation, and income. Check and compare interest rates before choosing a lender.
What is the oldest car you should buy?
For reliability, you probably want to avoid anything that is too old as age will decrease a vehicle's overall reliability. Mileage will also play an important role in determining a vehicle's reliability. For vehicles with more than 150,000 miles on the odometer, try to find something newer than the late '90s.
Can you get finance on an older car?
When it comes to financing an old car, the consensus among lenders around the maximum age of vehicles eligible for loans is around 10 years but due to recent stock challenges in the used car market, some lenders will consider up to 12 years old.
Car finance - what you need to know | Top10s
How old must a car be for finance?
The vehicle you want to finance can't be older than 10 years. You must have a valid South African driving licence with no endorsements. The amount you want to finance must be more than R50,000. If you're buying from a dealership, your application information will be sent to the relevant dealer.
What is the 20 3 8 rule?
The rule addresses three components of car-buying: the (20%) down payment, (three-year) loan term and (8% of) your monthly budget. Following the rule could help you avoid a car purchase that overextends you financially.
What is the best 2nd hand car to buy?
Top 10 Most Reliable Used Cars According to Mechanics
- Toyota Yaris (2015-2020) ...
- Honda Jazz (2014-2019) ...
- Volkswagen Golf (2016-2021) ...
- Mazda MX-5 (2015-2020) ...
- Kia Sportage (2016-2021) ...
- BMW 3 Series (2017-2021) ...
- Ford Focus (2015-2020) ...
- Lexus RX (2016-2020)
Who owns the $70 million dollar car?
David MacNeil got more than a rare car last year when he spent a reported $70 million to purchase one of only about three-dozen 1963 Ferrari 250 GTOs. He also got a spot on the list of the world's top 100 car collectors, a list annually compiled by The Collector Car Trust and published in its yearly magazine, The Key.
Which is the most reliable 10 year old car?
So, which cars at this age are the most reliable? Here's the list:
- TOYOTA Yaris. Reliability Index score: 93.6. ...
- HONDA Civic. Reliability Index score: 93.0. ...
- HONDA CR-V. Reliability Index score: 89.0. ...
- SUZUKI Swift. Reliability Index score: 86.5. ...
- MITSUBISHI Outlander. Reliability Index score: 85.9. ...
- TOYOTA Aygo. ...
- SEAT Ibiza.
What's the oldest you can finance a car?
Many banks and most credit unions will consider loans on older used vehicles. Guidelines vary, but national banks generally place a threshold at 10 model years and 125,000 miles or less. Credit union policies span from the same 10-year limit to 15-20 years or even no formal age cap.
What is the maximum age for car loans?
Cars less than 10 years old: up to 70% margin financing; maximum 7 years. Age of car + tenure must not exceed 10 years.
What is the oldest car that still works today?
Top 3 Oldest Cars in the World... That STILL Work Today!
- 3 - La Marquise (1884)
- 2 – Grenville Steam Carriage (1775)
- 1 – The Cugnot Steam Tractor (1769)
Is there a 1 of 1 car?
The Koenigsegg One:1
The One:1 was introduced in 2014. Seven examples, including one prototype, were built during 2014 and 2015.
What is the oldest car Chase will finance?
The following vehicles are not eligible for financing, include but are not limited to:
- Vehicles older than 10 calendar years.
- Teslas older than 5 calendar years.
- Vehicles with more than 120,000 miles.
- Commercial vehicles.
- Salvaged or branded title vehicles.
What car does Elon Musk drive?
Elon Musk most often drives a Tesla Model S Performance and sometimes a Tesla Model X when he needs extra space. He also toggles between those and the Cybertruck, depending on the day.
Which is the no. 1 richest car?
1. Rolls-Royce La Rose Noire Droptail | World's Most Expensive Car | ₹270 Crores | $30 Million. The most expensive car in the world is the Rolls-Royce La Rose Noire Droptail.
How much is Jay Leno's car collection worth in 2025?
Key Facts About Jay Leno's Collection
Approximate count: 181 cars and 160 motorcycles. Estimated value: Between $52 million and $104 million (2025 figures). Collection type: Ranges from 1900s steam cars to modern hypercars. Ownership: Entirely owned and managed by Jay himself—no sponsorships, no brand ownership.
What used car has the least problems?
Most Dependable Used Cars at a Glance
Honda vehicles tend to have the lowest annual maintenance costs,1 while Kia models have won multiple Edmunds Top-Rated awards. Hyundai variants like the Sonata and Elantra have consistently "Great" Quality & Reliability J.D. Power scores within the past few model years.
How old is a good second hand car?
A good age for a used car is between 2 and 5 years because, by that time, the steep part of the depreciation curve has passed while the vehicle can still be considered fairly new.
Which car makes the most profit?
It's no surprise to see Toyota at the top of the chart for having earned the most profits, even during a year like 2020. Toyota is one of the top car brands, as their vehicles are known for being reliable and reasonably priced as well as stylishly designed.
What is the 2 2 2 credit rule?
The 2-2-2 credit rule is a common underwriting guideline lenders use to verify that a borrower: Has at least two active credit accounts, like credit cards, auto loans or student loans. The credit accounts that have been open for at least two years.
What happens if I pay an extra $100 a month on my car loan?
You'll save money.
Unless your loan has precomputed interest (more on that below), extra principal payments can help reduce the total amount of interest you'll pay.