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Does anyone finance a car over 120k miles?
Posted on 8/7/19 at 6:17 pm
Posted on 8/7/19 at 6:17 pm
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.
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.
10
Posted on 8/7/19 at 6:25 pm to sumbodyorsum1
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
Best of luck in your search though
This post was edited on 8/7/19 at 6:26 pm
Posted on 8/7/19 at 6:41 pm to sumbodyorsum1
quote: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
We are putting up around 60-70%+ of our own money towards the vehicle.
Posted on 8/7/19 at 7:10 pm to sumbodyorsum1
How much we talking about borrowing?
Posted on 8/7/19 at 7:16 pm to sumbodyorsum1
Sounds like a loan I want to take on! How much you looking to borrow?
Posted on 8/7/19 at 7:43 pm to Grateful Reb
thanks for the reply
we decided we are going to pay cash.
good to know all the info in the thread.
thanks yall!
we decided we are going to pay cash.
good to know all the info in the thread.
thanks yall!
Posted on 8/7/19 at 7:44 pm to Dawgfanman
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.
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.
Posted on 8/7/19 at 7:56 pm to sumbodyorsum1
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.
Posted on 8/7/19 at 8:26 pm to notiger1997
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’
Posted on 8/7/19 at 8:39 pm to sumbodyorsum1
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.
Posted on 8/7/19 at 9:42 pm to sumbodyorsum1
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.
Posted on 8/8/19 at 10:21 am to cave canem
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.
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.
Posted on 8/8/19 at 10:49 am to sumbodyorsum1
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.
Go with a credit union.
Pentagon Federal Credit Union.
Riverland Federal Credit union.
Posted on 8/8/19 at 12:41 pm to basiletiger
Both Pentagon and Riverland are the best in the business when it comes to rates. It does not matter how old the vehicle is.
Posted on 8/8/19 at 1:06 pm to cave canem
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.
Posted on 8/8/19 at 1:15 pm to sumbodyorsum1
I financed my Raptor for $28K. It had 281,000 miles with truck nuts.
Posted on 8/8/19 at 2:10 pm to cave canem
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.
Posted on 8/8/19 at 4:36 pm to sumbodyorsum1
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.
Posted on 8/8/19 at 4:48 pm to basiletiger
quote:
I financed my 2006 Toyota Land Cruiser
What price you get for it and what interest rate? might be in the market soon
Posted on 8/8/19 at 6:24 pm to sumbodyorsum1
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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