[Shotimes] OT Used car financing

[Ian Fisher]

I don't think you'll have much luck unless the car is
some sort of rare exotic and you're going through a
speciality company (as you mentioned). When I worked
in the bank, we didn't offer loans for high
mileage/older vehicles simply because there was no way
for the bank to protect itself if the customer
defaulted on the loan. The LTV ratio (loan to value)
was simply too high and not in favor of the bank.

Ian

--- Peter Chase <pbchase@gmail.com> wrote:

> Has anyone ever tried to obtain financing for a used
> car that was more than
> 5 years old or had more than 80,000 miles?  I've
> tried multiple different
> lenders but no-one seems to offer any type of
> financing for cars of this
> age/mileage, regardless of how much I have to put
> down.  Are there any
> specialty companies out there who do these types of
> loans?
> Thanks,
>     Pete
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