Buying used cars, how old? can be financed?

Question

I am going to be buying 3-4 used cars next year (for my family). Right now we are leasing 3 new cars for a total of $840/month w/o insurance. I have a good credit history and need 100% financing. If I divide 840/4 it roughly comes out to $210, which I am thinking is a $10K-$12K car. The problem is we're already over our budget and I keep feeling guilty for not looking at $4K-$6 cars. My question is how long is an average sedans life, if I get a car that is older than 3-4 yrs, I am afraid to spend more on repairs and maintenance. Also, how hard is it to get those older cars financed? I've read about Auto Loan companies that cut you a check and you pay off the loan to them instead of the dealership's finance department. How trustworthy are those guys and is there a catch?

Answer 1

If you have good credit the bank will loan what ever the black book value is or maybe even the private party value found in the blue book.  Just call your bank and ask them the value of a car, that you are interested in.  

If the car is too old and has too many miles the bank will tell you that there is no loan value.  In other words they won't loan any money on it.  An exception would be to loan you a certain amount based on your credit score.  In any case the bank will only loan about 2 or 3 thousand on an unsecured loan.  

I wouldn't go with a Loan Company because of the high interest they charge.  Your local bank or your credit union will give you the best rates, unless you buy from a car dealer and sometimes they will have special financing through their loan companies (banks).  

I wouldn't worry about buying an older car as long as it has low miles (under 100,000 miles).  Just be sure that it isn't leaking oil or smoking and that it is running smooth.  

You can get a free "car buying checklist" that explains all about a used car and what to look for at http://how-to-sell-used-car.com/car-buyi...

I've got a 1995 Ford truck and I wouldn't be afraid to go across the USA in it.  It has over 100,000 miles on it.  

I would look in the classifieds of your local paper or online classifieds, because there are very good, under-valued automobiles found in them.  

Don't be in a hurry and look through all of your local advertisers for a car that will suit you.

Good luck,

Answer 2

See there are many on-line sources who provide car loan for people have any credit situation, and in your case you have pretty good credit so i think you will be having no problem of getting car loan with minimum rate of interest, for your reference http://www.carloan123.net my one of friend had recently get an car loan from there with good credit and also with minimum rate of interest, you can try this source may this could help you.