Private Sales
How old can the car be?
The age of a car is a key factor considered by lenders when determining your eligibility for financing. Most lenders have a financing threshold for the maximum age of the car. Most commonly, used cars can not be older than 15 years by the end of the loan term; however, certain lenders go beyond this.
What sort of interest will I have to pay?
Lenders generally accompany used car loans with higher interest rates because they view them as riskier than new cars and because they are cheaper, resulting in smaller loan amounts.
Interest rates are also impacted by whether the loan is secured. In most cases, the car itself acts as the security for the car loan. This decreases the risk for the lender and thus results in decreased interest rates.