I've talked to my local banks and 2/3 will approve a loan for an older vehicle. The 3rd we have no history with, so they gave a big fat no. Our only local CU doesn't have any hard rules for age of vehicle, but rates are about the same as the local bank. I've searched a bit online, but only found a handful of lenders willing to finance anything over 7 years old. I'll be looking to finance somewhere between $8-12k and put around $4k down, but could afford to put a few more thousand down if it would be hugely beneficial.
I'm currently re-building credit and have only 2 paid collections reporting that will be falling off my reports at the end of the year. Ideally, I'd wait for them to fall off, but I'm not sure my car is going to hold out. I haven't checked scores recently, but back in August they were in the low-mid 600s with a couple of CAs reporting and no CCs to my name. Fako scores have risen 60+ pts each since August, so I'm hoping FICO scores are at least in the mid-high 600s by now. I do have an older car loan that is set to fall off at any time that shows perfect history and any CCs from my past were paid as agreed and closed with $0 balance. I'm not sure if any of this matters.
