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Posted on 4/27/11 at 9:34 am to wegotdatwood
Nobody wants a old car to have to sell in auction. If the car is over 10 years old even with only 4k as the loan the bank may only get 3k for it in auction after fees. Bank would then be 1k in the hole on the loan.
To offset the risk the bank will often offer the loan at a really high interest rate. Wouldnt be suprised to see 20+ with no credit and small amount on an old car. Otherwise they wont offer at all.
My bank will NOT offer a loan on a used Kia over 4 years old for example since they are not worth shite in car auctions.
To offset the risk the bank will often offer the loan at a really high interest rate. Wouldnt be suprised to see 20+ with no credit and small amount on an old car. Otherwise they wont offer at all.
My bank will NOT offer a loan on a used Kia over 4 years old for example since they are not worth shite in car auctions.
This post was edited on 4/27/11 at 9:38 am
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