Auto Loans - high mileage

[Jdonoghue]

Looking at an '00 Ford excursion diesel. It has 130,000 miles though. But the price is good. Any suggestions on where to go for financing? I looked at Capital One auto finance, but could not find anything on their site about age or milage of vehicle - they make it sound like you can buy anything except RVs and buses.

 

[Extreme1]

I've had the best luck with local banks. If you can get enough down the mileage might not hurt it too bad. The bigger places have pretty rigid rules on age and mileage.

 

[Jdonoghue]

I gave them a call to find out. I asked if there are any restrictions on vechile age or mileage for a dealer purchase. He said there are none, I can buy whatever I want. So, I filled out the online application. Not 15 minutes after I finished, I got a call back from them - approved for up to $24,000, 72 months @9. 40%. I don't have real good credit, so I was surprised by the 'instant' approval. I have to fax them a copy of a utility bill because I haven't lived at this address for long enough (3 months). Once they verify my address, they will overnight the package, containing a 'blank check' that I make out to the dealer for the amount of the purchase. It doesn't have to be $24,000 either - but at least $7,500.

 

[TowPro]

I have financed my last 5 vehicals with them. Dealers hate it because they like to jack up the intrest rate for a kick back.



But looking back, in 2001 I was into a lease that I had planned to buy out, I was fooling around on there site and found that they had a "less then 80K rule". By the sounds of what you found that rule has changed.



I think you can get 1/4% better if you set up the payments with auto deduction from your checking account. I figure why not, Its one less check to write.



I have great credit and they always beat the dealers and local banks/credit unions on rates.

 

[bmoeller]

My Ram had 139k miles on it when I bought it in late '01. Had NO trouble with a loan from the local bank. This was my very first loan as well. Pretty painless. Don't recal what the inerest rate was off hand then.

 

[RGardner]

I would have to think long and hard about a 6 year loan on a 2000 model vehicle. My personal opinion is if you can't pay for it in 3 years, don't buy it.

 

[CMNS PWR]

With those figures, your monthly payment is $437. 39. They've got you by the short hairs with that intrest rate. Is it worth that much money for six long years? Go find yourself a Credit Union. You get treated so much better. I will never be a bank member again.