Can I finance a Car that's at least 5000$ ?
If you have good credit you can. But if it's an older model you may have to take out a personal loan. In this case though be careful. You don't want to be still paying on a car that's sitting in the junk yard. HTH. -Jim
Banks have a book where they can look up the loan value. They seldom loan more on a vehicle than the loan value. You may have to make up the difference. Many car-lots do loans on vehicles, but if your credit is poor they charge a huge interest rate. Cash is always best, but we don't always have the necessary cash.
A bank I have used shows: Maximum Used Auto Loan amount is NADA "Retail Value." Maximum term based on amount borrowed. APR as low as* Term Loan Amount 2.49% APR 36 months $500 to $100,000 2.99% APR 48 months $7,500 to $100,000 2.99% APR 60 months $10,000 to $100,000 3.49% APR 72 months $20,000 to $100,000
There are plenty of financing options... you can find a lot of banks even online that do not put up too many stipulations as t o age of car - they are really concerned about value so most worry more about mileage than age... the fact is an older car depreciates less, so banks understand that if you buy it right, they will actually be safer financing an older vehicle... so it really comes down to the value of the car, your debt to income ratio and credit...
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