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I should also point out, and this is something I only learned recently, you can't get a car loan for a car that's over 10 years old. About five years ago my me
by taylodl 4y ago
I should also point out, and this is something I only learned recently, you can't get a car loan for a car that's over 10 years old.
About five years ago my mechanic told me there was a Lexus I needed to look at. Single (obsessive) owner, extremely low miles for the year, extremely clean, my mechanic had done all the work since the time the vehicle was no longer under the Lexus service and warranty.
The catch? It was over 10 years old. That's when I learned you can't get a loan for a car that's over 10 years old. I had the wherewithal to pay cash (it was over $10K for the car, but it was a steal!) but that's not something young people are going to be able to do.
- sokoloff 4y agoAn inability to get a loan on them would tend to make cars over 10 years artificially cheap/a better value than otherwise.
- taylodl 4y agoThat's true, so long as you have the means for getting the money, which most young people don't.
- rhinoceraptor 4y agoI just bought a 2007 F-150 and financed it through my credit union with no issues. Granted, it was $6000 so I only financed it because I didn't want to dip into savings, and it's pretty hard to find a manual transmission pickup in that price range that's clean with below 130k miles.
- fwungy 4y agoNot true. I did it recently for a 20 year car through a credit union. Just paid a slightly higher interest rate.