the car i want is too old to get financing?

Asked by nepa Mar 17, 2021 at 11:41 AM about the 2005 Chrysler Sebring Limited Coupe FWD

Question type: Shopping & Pricing

I got prequalified for financing but the car I want doesn't come up in the list, possibly because it's too old? Other cars that age do come up as prequalified.

2 Answers
41,110

TDolby answered 3 years ago

If the vehicle is more than 10 years old, most lenders will not give you a used car loan. The car has to be worth something in case you default on the loan, because then the bank can't repossess the vehicle and make their money back. If your looking for a 2005 Sebring, those are only worth around $2000 to $3000. If you need a loan, you can apply for a personal loan.

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