drivemycar

I was looking to see if purchase of an 11 year old car with less than 80K miles on it could be financed from a third party source. Two car lenders we checked (Roadloans; Cap One) have underwriting that won't allow financing for cars older than 9 years (or cars with a lot of miles, early six figures). Fact is we have excellent credit, if asked. Anyone have suggestion regarding finding a third party financing source for an 11 year old RX? Thanks!

Carver

If you have a good relationship with your bank you can get a personal loan (with the car as collateral) for a set period, 6-12 months, pay the interest, reduce the principal and roll it for another 6-12 months. Rinse, repeat. You can set it so the money required to service the loan works out to the same as a car payment.

A huge advantage is this method will be much cheaper than a traditional car loan.

NVAKeith

iTrader: (1)

Try a credit union.

llocur

Just bought a 2006 with 185K miles and was able to get financing from my credit union. Of course the interest rate will be ridiculous to you because you have good credit but you won't have a problem getting it financed.

mandyfig

It seems that it does not make sense to finance an 11 year old car. How could the value be substantial? Are you just financing the market value? It would appear that you will be paying an exorbitant amount in fees.

But it is what it is.

Good luck with your journey.

llocur

Maybe someone can make $250 payments but doesn't have the lump sum laying around? Maybe said person can pay extra to reduce the principal and thus the daily interest rate on their simple interest load and use the cash to get the vehicle into reliable condition?

Just a couple of thoughts from the peanut gallery! lol

JProdun

I bought my 04 in 2012 with 80k and had financing through Ally Auto Financing. Pleasant experience overall.

jamieZ

If you need to finance a 11 year old Lexus maybe look at something cheaper and try to save up and pay cash for it....