Help & Advice

Can i get a car loan for an old car?

Hi, my last last 3 car loans have been for cars under 5 years old but i have been looking at a car which is six years old. Can i still get a loan even though it's an old car?

Duncan


Answer

Hi Duncan, yes - we can get you a car loan on a 6 year old car but we'd only be able to finance it over 48 months with most of our lenders.

However, if you have a good credit history we do have a few lenders who can finance cars that will be 12 years old at the end of the agreement.

Please make an application when you're ready and once accepted we provide a no obligation quote and you can buy a car from any dealer. Kind Regards, Rachel

Answer correct as of September 2016

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Representative example. Excellent Credit

Borrowing £7,500 over 48 months with a representative APR of 16.8%, an annual interest rate of 16.8% and a deposit of £0.00, the amount payable would be: £211.25 a month, with a total cost of credit of £2,640 and a total amount payable of £10,140.

CarFinance 247 is a broker and not a lender

More related questions

Hello, we are looking to purchase a 2005 Saab 2.0l Vector convertible. We have £1000 deposit and the car is advertised at £3995.

Would you be able to assist with a loan on the basis of the age and if so would it depend on who the dealer is (or would we have to purchase through an approved dealer). Thanks.

Answer

Hi Paul, thank you for your question.

As long as you had a good credit history we'd be able to finance a 2005 car over 3 years for you (so the car would be less than 12 years old at the end of the agreement).

As you have a large deposit getting you approved for the required £2995 wouldn't be an issue. Please apply asap.

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Rachel Wilson, Underwriting Manager

Best available rate
Total repayment
Total cost of credit

Best available rate

Total repayment

Total cost of credit

We compare products from 18 of the UK's top lenders to get you the best deal.

Hitatchi

Representative example. Excellent Credit

Borrowing £7,500 over 48 months with a representative APR of 16.8%, an annual interest rate of 16.8% and a deposit of £0.00, the amount payable would be: £211.25 a month, with a total cost of credit of £2,640 and a total amount payable of £10,140.

CarFinance 247 is a broker and not a lender