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Is it impossible to get a loan for an older vehicle? #5325624 01/17/20 07:22 PM
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FordBroncoVWJeta Offline OP
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I've been looking into buying an older truck 25-30 year range that still is very clean. Before the prices skyrocket anymore. Looking to spend around $10-15K. I hate watching Mecum and seeing the cars my dad drove as a high schooler go for 40-80K. I would like to buy a truck before they do the same thing in 20 years.

The problem is I keep getting denied loans. I have $0 in bills. I make roughly 20K a year part time. I'll probably still live with my parents for the next year or so till I get a better paying job. I'll have my degree this Spring (have one class left). Yet they let me buy a brand new VW Jetta and I paid it off in 1.5 years. I have a 750 credit score. So I have zero doubts in my mind it would be paid off in just a years time.

Is it just impossible to get a loan for an older vehicle?


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Re: Is it impossible to get a loan for an older vehicle? [Re: FordBroncoVWJeta] #5325631 01/17/20 07:27 PM
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slacktide_bitog Offline
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See if you can get a personal loan. The interest rate will be higher, but that may be the only way to do it smile

Re: Is it impossible to get a loan for an older vehicle? [Re: FordBroncoVWJeta] #5325632 01/17/20 07:27 PM
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OVERKILL Offline
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If you have to borrow the money, since they won't do it against the vehicle due to its age, if you can get a line of credit that will cover it, that's probably going to be the easiest way.


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Re: Is it impossible to get a loan for an older vehicle? [Re: FordBroncoVWJeta] #5325635 01/17/20 07:33 PM
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JeffKeryk Offline
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Credit union might be able to help. Or go talk to your banker. 30% down helps. The problem is how to assign a "loanable" dollar value.
You have to build a case for your loan.
Good luck.

Last edited by JeffKeryk; 01/17/20 07:33 PM.

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Re: Is it impossible to get a loan for an older vehicle? [Re: FordBroncoVWJeta] #5325637 01/17/20 07:34 PM
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The problem is likely because if you default, they can't guarantee the truck is still worth the amount owe after a couple years (what if the engine died and you just stop paying for it). Do you have any other way of borrowing? like refi your house? If you want to borrow you will have to pay a higher interest rate despite a lower loan amount, because the truck's title will likely not be a good collateral (so it will likely be similar to a personal loan).

Last edited by PandaBear; 01/17/20 07:35 PM.

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Re: Is it impossible to get a loan for an older vehicle? [Re: FordBroncoVWJeta] #5325641 01/17/20 07:43 PM
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skyactiv Offline
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Screw that. You make $20K a year and wanna get a loan for an old vehicle in the $15-20K price range? I don't care if your going to graduate soon. The fact is that you should wait.
Save your money so you can move out of your parents that much quicker, get a decent GF and live life.


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Re: Is it impossible to get a loan for an older vehicle? [Re: skyactiv] #5325647 01/17/20 07:48 PM
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Mr Nice Offline
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Originally Posted by skyactiv
Screw that. You make $20K a year and wanna get a loan for an old vehicle in the $15-20K price range? I don't care if your going to graduate soon. The fact is that you should wait.
Save your money so you can move out of your parents that much quicker, get a decent GF and live life.

Yep. Finish school, get a better job and hold off on buying vehicle.

Re: Is it impossible to get a loan for an older vehicle? [Re: FordBroncoVWJeta] #5325650 01/17/20 07:50 PM
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Ihatetochangeoil Offline
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Is it just impossible to get a loan for an older vehicle?
The answer is yes. I have 35K+ in checking account, $0 in bills, house & cars paid for, six figures in savings in the same bank, credit score nearing perfection, etc., they won't make a loan on a vehicle older than 12 years.
None of my (or your) creditworthiness matters, only vehicle age & mileage. I personally suggest you attempt to borrow money from a friend, or take a personal loan with a credit union.
Credit Unions are NOT banks. Banks main purpose is to make money for their stockholders. They want to financially rape you in any way they can. Shylock interest rates, fees on breathing while on the premises, etc.
Credit Unions want to make money for their shareholders, and many of them are member owned. Sometimes all you have to do to qualify to open an account is live in a particular zip code...Generally speaking, credit unions have better (lower) interest rates and repayment terms.

Re: Is it impossible to get a loan for an older vehicle? [Re: skyactiv] #5325651 01/17/20 07:52 PM
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PandaBear Offline
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Originally Posted by skyactiv
Screw that. You make $20K a year and wanna get a loan for an old vehicle in the $15-20K price range? I don't care if your going to graduate soon. The fact is that you should wait.
Save your money so you can move out of your parents that much quicker, get a decent GF and live life.


Be nice man, I'm sure he is still trying to run calculations on what makes sense and what doesn't, and why others don't think the same way in terms of finance. We all have to start somewhere and not all of us have parents buying our first car.


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Re: Is it impossible to get a loan for an older vehicle? [Re: skyactiv] #5325656 01/17/20 07:55 PM
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Ws6 Offline
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Originally Posted by skyactiv
Screw that. You make $20K a year and wanna get a loan for an old vehicle in the $15-20K price range? I don't care if your going to graduate soon. The fact is that you should wait.
Save your money so you can move out of your parents that much quicker, get a decent GF and live life.

"Get a decent GF"? Wut? OP ain't asking for love advice, lol!

OP, I do agree though...money best spent elsewhere...but if you must do this, a personal unsecured loan might be the only way. Also, talk to a credit union. Banks suck.


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Re: Is it impossible to get a loan for an older vehicle? [Re: Ihatetochangeoil] #5325660 01/17/20 07:59 PM
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Originally Posted by Ihatetochangeoil
Is it just impossible to get a loan for an older vehicle?
The answer is yes. I have 35K+ in checking account, $0 in bills, house & cars paid for, six figures in savings in the same bank, credit score nearing perfection, etc., they won't make a loan on a vehicle older than 12 years.
None of my (or your) creditworthiness matters, only vehicle age & mileage. I personally suggest you attempt to borrow money from a friend, or take a personal loan with a credit union.
Credit Unions are NOT banks. Banks main purpose is to make money for their stockholders. They want to financially rape you in any way they can. Shylock interest rates, fees on breathing while on the premises, etc.
Credit Unions want to make money for their shareholders, and many of them are member owned. Sometimes all you have to do to qualify to open an account is live in a particular zip code...Generally speaking, credit unions have better (lower) interest rates and repayment terms.


Credit unions still have to be financially responsible for making too many bad loans, despite their profit is for different people (members instead of share holders). That said, an old car that may break down and the owner default when it happens is not a good business unless it is a predator loan, and preying on desperate borrowers are profitable only for a cheap car that they can afford to crush.

Example: lending $2000 to someone to buy a $2000 car, with a $200 a month payment, is a profitable deal and something less likely the owner will default on, but lending $20k to someone to buy a $20k 12 year old truck with a $2k a month payment is risky, because if the truck die it may worth only $5k, and the borrower will likely default and the lender can't find a way to justify it, so the lender had to charge even more interest to justify the risk, so that becomes a $4k a month payment (yeah right). If you are the bank which deal looks better?


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Re: Is it impossible to get a loan for an older vehicle? [Re: FordBroncoVWJeta] #5325667 01/17/20 08:06 PM
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What kind of 25-30 year old truck has an actual book value of up to $15k ? Honestly asking.... If it's a modified truck with lots of add-ons that are making the cost (I won't say "value") higher, that doesn't mean squat to a lender. I guess it really doesn't matter since you keep getting denied. Don't they tell you WHY they're declining the loan ? They should and if not, ask.

Re: Is it impossible to get a loan for an older vehicle? [Re: FordBroncoVWJeta] #5325675 01/17/20 08:16 PM
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Dave9 Offline
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Agree with others, living with parents and only having a part time job is not the time in life to take on a $10-15K old truck for both financial and spare time reasons. You can put BOTH to better use.

If you're dead set on doing this, and you could pay it off in a year, save the money for a year then buy. It's not rocket surgery, and it's only a year not 20. Once you get older you will be both amazed and alarmed by how quickly a year goes by, and even now if you had more things to fill your time.

Last edited by Dave9; 01/17/20 08:18 PM.
Re: Is it impossible to get a loan for an older vehicle? [Re: FordBroncoVWJeta] #5325685 01/17/20 08:27 PM
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Re: Is it impossible to get a loan for an older vehicle? [Re: FordBroncoVWJeta] #5325728 01/17/20 08:58 PM
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If you can't pay cash, you can't afford the toy.


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