Can I get financed on an older model vehicle?

Asked by Edward Feb 06, 2020 at 11:34 PM about the 2001 Lexus GS 300 RWD

Question type: General

Are there certain criteria for a vehicle to qualify for financing, such as make,
year model, mileage, etc....

5 Answers

F_O_R answered 5 years ago

Ask lenders. Some lenders specialize in classic car loans. Do an internet search.

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James answered 5 years ago

Interest rates are higher on an older model and the length of the loan will have to be shorter. Financing an older model is more difficult overall because of the value of the vehicle and the likelihood that something major will go wrong with it and the borrower will just walk away from it. Compare monthly payments between a newer and older model. You can usually get something newer for the same payment, sometimes less, than an older model. Hope that helps! Jim

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