topic Re: Can i refiance a car with 150K miles in Auto Loans

Can i refiance a car with 150K miles

Anonymous — Thu, 07 Apr 2016 01:42:26 GMT

I bought a brand new Hyundai elantra in 2013. My car will be paid off in exactly 2 years. I drive a lot and avg 30K miles a year. In two years from now My car will be paid off with just under 5 years old with 150K miles. Will a lender refinance with that mileage? I have never been late on the car payments.

Re: Can i refiance a car with 150K miles

6speed8 — Thu, 07 Apr 2016 13:34:40 GMT

Not sure about that. Capital One - who as "friendly" as they are are not considered a top tier lender - limits their financing to 120,000 miles. Maybe a "personal" loan ?

Re: Can i refiance a car with 150K miles

sccredit — Thu, 07 Apr 2016 16:27:45 GMT

Does the car have 150k on it right now? Sounds like it should be about 90k? No? You should be able to refinance now.

Re: Can i refiance a car with 150K miles

Anonymous — Thu, 07 Apr 2016 16:41:15 GMT

Thank you and yes 91,154 miles exactly. And I don't need to refinance now I'm happy with the Apr. I just wanted refinance it in 2 years when I'm done with the loan and car reachs 150K miles

Re: Can i refiance a car with 150K miles

Cellice — Thu, 07 Apr 2016 16:54:04 GMT

@Anonymous wrote:
Thank you and yes 91,154 miles exactly. And I don't need to refinance now I'm happy with the Apr. I just wanted refinance it in 2 years when I'm done with the loan and car reachs 150K miles

Why do you need to refinance when the loan is done? Do you currently have a loan with a baloon payment?

Re: Can i refiance a car with 150K miles

Anonymous — Thu, 07 Apr 2016 17:00:09 GMT

No I just want to refinance set aside the loan on a cd and pay off the balance with my own income overtime.

Re: Can i refiance a car with 150K miles

Cellice — Thu, 07 Apr 2016 17:13:18 GMT

Sorry, I think we are confused about what you are trying to do. If the car is paid off. Why does it need to be refinanced?

Re: Can i refiance a car with 150K miles

Anonymous — Thu, 07 Apr 2016 17:28:20 GMT

$$$$$$ is the goal to borrow. Bottom line in two years when it's paid off and I refinance the car, I'll get 100% of the loan to myself. With a lower rate than a personal loan. Besides im keeping the vehicle till the engine blows now back to the op. Can I refinance a car with a little less than 5 years old at 150K miles

Re: Can i refiance a car with 150K miles

Anonymous — Thu, 07 Apr 2016 18:33:47 GMT

@Anonymous wrote:
$$$$$$ is the goal to borrow. Bottom line in two years when it's paid off and I refinance the car, I'll get 100% of the loan to myself. With a lower rate than a personal loan. Besides im keeping the vehicle till the engine blows now back to the op. Can I refinance a car with a little less than 5 years old at 150K miles

It all depends on the car and its value at the time. Nonetheless I think your strategy of taking a loan on a 5 year old car to put in a CD makes very little economic sense. You'll be paying a higher interest rate on the used car loan than what you would earn on the CD. Instead invest the money that you would use to repay the loan.

Re: Can i refiance a car with 150K miles

Royalbacon — Thu, 07 Apr 2016 19:10:23 GMT

I bought a 2006 Silverado at the beginning of January 2016 and it had 183,000+ miles on it and the dealer approved me at a bank with a ridiculous interest rate. Before the end of January I refinanced with DCU and got a 3 year loan at 2.74% interest (DCU initially offered me a 4 year loan on the phone when they called saying I was approved but I told them I wanted 3 years instead)

To answer your question, yes, you can refinance a vehicle with over 150,000 miles on it.

Re: Can i refiance a car with 150K miles

Anonymous — Sun, 10 Apr 2016 21:03:37 GMT

It would just be a title loan then not a refinance. You are not likely to get a good Apr or very much money for an older car with that much mileage.

Re: Can i refiance a car with 150K miles

Anonymous — Fri, 12 Jan 2018 17:48:54 GMT

What was the process. I just applied today with dcu

Re: Can i refiance a car with 150K miles

Anonymous — Sat, 27 Jan 2018 16:46:14 GMT

wrote:
I bought a 2006 Silverado at the beginning of January 2016 and it had 183,000+ miles on it and the dealer approved me at a bank with a ridiculous interest rate. Before the end of January I refinanced with DCU and got a 3 year loan at 2.74% interest (DCU initially offered me a 4 year loan on the phone when they called saying I was approved but I told them I wanted 3 years instead)

To answer your question, yes, you can refinance a vehicle with over 150,000 miles on it.

Royalbacon,

How upside down were you in your deal with DCU? And, what are you scores like?

Just curious.....I'm kind of in the same boat!

Thanks. Any information would be greatly appreciated!!