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sumbodyorsum1
Member since May 2019
867 posts
 Online 

Does anyone finance a car over 120k miles?
We want to purchase a used vehicle and have excellent credit.

We went to our bank to fill out everything and it rejected us because the car had 124k miles.. They won't finance anything over 120k.. regardless of down payment.

We are putting up around 60-70%+ of our own money towards the vehicle.

Does anyone know someone in Louisiana, specifically Lafayette or Baton Rouge? Do credit unions have the same 120k miles policy.

Any help would be greatly appreciated.


Grateful Reb
Ole Miss Fan
Member since Apr 2011
3020 posts

re: Does anyone finance a car over 120k miles?
I was in automotive business for years and based on my experience, that’s going to be extremely difficult. I’m shocked they would even consider up to 120k; the interest rate on anything close to that many miles is going to be sky high.

Best of luck in your search though
This post was edited on 8/7 at 6:26 pm


castorinho
Oklahoma Fan
13623 posts
Member since Nov 2010
59498 posts

re: Does anyone finance a car over 120k miles?
quote:

We are putting up around 60-70%+ of our own money towards the vehicle.
unless you're wiling to pay a ridiculous rate, save enough to have the remaining 30-40% or consider a different vehicle with higher mileage


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91
Dawgfanman
Member since Jun 2015
6819 posts

re: Does anyone finance a car over 120k miles?
How much we talking about borrowing?


Robertson coach
LSU Fan
pville
Member since May 2019
35 posts

re: Does anyone finance a car over 120k miles?
Sounds like a loan I want to take on! How much you looking to borrow?


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sumbodyorsum1
Member since May 2019
867 posts
 Online 

re: Does anyone finance a car over 120k miles?
thanks for the reply


we decided we are going to pay cash.

good to know all the info in the thread.

thanks yall!


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sumbodyorsum1
Member since May 2019
867 posts
 Online 

re: Does anyone finance a car over 120k miles?
we were looking to borrow around 3-4k, the notes for only 3 years were like 120ish.

i think it was like 7% interest but they wouldn't do over 120k miles.


we decided to get the money elsewhere and pay in cash.


notiger1997
Metairie
Member since May 2009
41569 posts

re: Does anyone finance a car over 120k miles?
quote:

we were looking to borrow around 3-4k, the notes for only 3 years were like 120ish.



Man, that just seems strange to me.


Robertson coach
LSU Fan
pville
Member since May 2019
35 posts

re: Does anyone finance a car over 120k miles?
Probably was trying to finance too little for a lender to care anyways, most auto loans (miles another part of equation) minimum $5k before they look. Guess not enough ‘skin in the game’


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baldona
Auburn Fan
Florida
Member since Feb 2016
10000 posts

re: Does anyone finance a car over 120k miles?
quote:

we were looking to borrow around 3-4k, the notes for only 3 years were like 120ish.



Yeah any loan under $5,000 is tough. You could have done one of the cheap lightstream personal loans for that, borrowed $5,000, then immediately paid off $2,000.


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TD SponsorTD Fan
USA
Member since 2001
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cave canem
Mississippi St. Fan
pullarius dominus
Member since Oct 2012
9574 posts

re: Does anyone finance a car over 120k miles?
quote:

We want to purchase a used vehicle and have excellent credit.

We went to our bank to fill out everything and it rejected us because the car had 124k miles.. They won't finance anything over 120k.. regardless of down payment.

We are putting up around 60-70%+ of our own money towards the vehicle.




You are either FOS or have a horrible banker.

If you have excellent credit and cash on hand simply take out a personal unsecured loan.


BearCrocs
LSU Fan
Member since Aug 2013
1596 posts

re: Does anyone finance a car over 120k miles?
Try LightStream.

If you have great credit and money in the bank you can get an unsecured loan for whatever you want basically... and buy the car “cash” and pay your loan back.

That’s what I’ve done on higher mileage Toyotas.

Just be smart.

I would never finance anything over 100k miles unless it was a Toyota.


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20
basiletiger
LSU Fan
lafayette, la.
Member since Aug 2007
1743 posts

re: Does anyone finance a car over 120k miles?
I financed my 2006 Toyota Land Cruiser. It had 130,000 when I purchased it.

Go with a credit union.

Pentagon Federal Credit Union.

Riverland Federal Credit union.


basiletiger
LSU Fan
lafayette, la.
Member since Aug 2007
1743 posts

re: Does anyone finance a car over 120k miles?
Both Pentagon and Riverland are the best in the business when it comes to rates. It does not matter how old the vehicle is.


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sumbodyorsum1
Member since May 2019
867 posts
 Online 

re: Does anyone finance a car over 120k miles?
quote:

You are either FOS or have a horrible banker. If you have excellent credit and cash on hand simply take out a personal unsecured loan.


No reason to be FOS for seeking help here.

It's for my mom and her bank straight up does not do personal loans. She has around 800 credit score for over 30 years. They won't finance a vehicle over 120k miles.

That's why I came here simply for some suggestions. We decided to outright buy the vehicle.

Thanks everyone for helping. Really great info in here about options.



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11
NPComb
LSU Fan
Member since Jan 2019
2751 posts

re: Does anyone finance a car over 120k miles?
I financed my Raptor for $28K. It had 281,000 miles with truck nuts.


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40
LSUFanHouston
LSU Fan
NOLA
Member since Jul 2009
16464 posts

re: Does anyone finance a car over 120k miles?
quote:

You are either FOS or have a horrible banker.

If you have excellent credit and cash on hand simply take out a personal unsecured loan.


Nah he's not FOS. He asked about a car loan, which isn't an option given those characteristics.

A personal loan certainly is. Some banks won't really do this anymore.


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30
TennesseeFan25
Tennessee Fan
Honolulu
Member since May 2016
8120 posts
 Online 

re: Does anyone finance a car over 120k miles?
quote:

We went to our bank to fill out everything and it rejected us because the car had 124k miles.. They won't finance anything over 120k.. regardless of down payment.


I feel like if you want the card that badly you should be able to pay the full $ 40 dollar asking price for the car.


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21
FunroePete
LA-Lafayette Fan
The Big Cheezy
Member since Dec 2012
1482 posts

re: Does anyone finance a car over 120k miles?
quote:

I financed my 2006 Toyota Land Cruiser

What price you get for it and what interest rate? might be in the market soon


bigdaddytank
Member since Jul 2019
3 posts

re: Does anyone finance a car over 120k miles?
if you have good credit you can. I bought a 2010 platinum for my son with 140000 miles on it. Went with neighbors with 5.9 rate with 3500 dwn.


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