How old of a vehicle will Navy Federal finance?
Asked by: Leif Streich | Last update: August 9, 2025Score: 4.8/5 (1 votes)
What is the oldest year car a bank will finance?
Typically, a bank won't finance any vehicle older than 10 years, even if you have good credit. If you don't have great credit, you may find it difficult to finance through a bank, even for a new car.
How hard is it to get a car loan through Navy Federal?
Credit union members interested in applying for a Navy Federal auto loan can apply for preapproval online. The application process is quick, and you can receive a decision within five minutes via email or text.
Will banks finance vehicles over 10 years old?
Even if you have excellent credit, most banks will not finance a more than ten years old vehicle. If you don't have perfect credit, it may not be easy to obtain financing from a bank, even for a new car. However, when it comes to auto lending, banks are far from the last option.
What is the oldest car you can get on finance?
Most standard lenders will only finance cars up to 12 years old, which is why a specialist lender is required when it comes to financing a classic or vintage model.
5 Reasons Why You Should Get an Auto Loan With Navy Federal
Is it harder to finance an older vehicle?
It's usually easier to secure a loan for a new car than a used car because lenders can more easily determine the value of a new car. Lenders are also more likely to assume a new car is in good condition when you drive it off the lot.
Will a bank finance a 20 year old truck?
You must look around for a loan that works for the vehicle you need. For example, my local credit union finances used cars up to 15 years old, but the vehicle must have less than 100,000 miles. The major bank I use restricts vehicle age to 10 years for loans, but they can have up to 125,000 miles on the odometer.
How old of a car will Capital One finance?
Vehicles must be 10 years old or newer. Capital One Auto Refinance offers a minimum loan amount of $7,500 and maximum loan amount up to $75,000. Your maximum loan amount may be based on key factors including your income, credit characteristics and the vehicle you are refinancing.
Is my car too old for a title loan?
Your vehicle's age doesn't matter! What does matter is how much value it could hold. Title loan lenders are only interested in the value of the vehicle because its value directly relates to how much funding a borrower will receive. Older cars may still have value!
What is the new name for Navy Federal Credit Union?
The new name, “Navy, Army, Marine Corps, Air Force, Coast Guard, Space Force, Veterans and Their Families Federal Credit Union,” brings heightened awareness for servicemembers from all branches of service, veterans, and their families that they are eligible for membership.
Will Navy Federal give me a loan with a 550 credit score?
Navy Federal says its loans are available to borrowers across the credit spectrum, including borrowers with bad credit or thin credit histories, and there's no minimum credit score requirement. You must be a member of Navy Federal to apply.
How old of a vehicle will Chase bank finance?
Chase provides financing for vehicles that are 10 years old or newer. “New” means from the current year, the year before and the year after. That means in 2024, a new model could be from the 2023, 2024 or 2025 model years.
What year car can you finance for 84 months?
Right now, I am seeing the option of 84 months (7 years) on cars 2015 or newer. Though there may be lenders that will go longer. However, these loans have much higher interest rates than shorter term loans, and are subject to more stringent credit and LTV (loan to value) standards.
What is the oldest car you should finance?
The golden numbers
While there's no hard and fast rule about what the oldest car a bank will finance is, 10 years is generally considered the maximum age for standard agreements. Most high street banks require cars to be no more than 10 years old, with no more than 100,000 miles on the odometer.
Will banks finance a 15 year old car?
Many 'reputable' financial institutions will not finance car loans for vehicles older than 10 years.
What credit score is needed for an auto loan?
According to Car and Driver, “Most used auto loans go to borrowers with minimum credit scores of at least 675. For new auto loans, most borrowers have scores of around 730. The minimum credit score needed for a new car may be around 600, but those with excellent credit often get lower rates and lower monthly payments.”
Will a bank finance a 30 year old car?
Yes, if the vehicle still has value and fits within our collateral guidelines.
How to get a loan for a 20 year old?
- Age: Between 20 and 58 years.
- Net salary**: Minimum monthly income of Rs 30,000.
- Total years of work experience: 2 years.
What is the mileage limit for a used car loan?
Banks can limit used car loans to 7 years and won't offer any on vehicles with more than 100,000 miles. Always remember to check with your lender if you're curious about financial restrictions for pre-owned vehicles.
Do I have to pay excess mileage if I buy the car?
Any mileage that exceeds the amount allowed on your contract is assessed a charge at lease-end. If you choose to purchase your vehicle at lease-end, you will not be charged for any additional mileage.
Is there an age limit for car loans?
What Age Do You Need to Be to Get a Car Loan? Of course, you must be 16 years old to legally drive a car, and usually, you have to be 18 to apply for a car loan. Fortunately, some financial institutions, like City Credit Union, will offer car loans for teens younger than 18 with a co-signer.
How long can you finance a 2015 vehicle?
Many drivers often ask us, “How long can I finance a used car?” The answer truthfully depends on your needs. However, you'll find that the average loan term length is around 60 to 72 months.