Auto loan recommendation for older vehicle

[Bladematthewslp]

Hello, does anyone have any recommendations for who to get an auto loan through? The car is about 20 years old but with very low mileage. Credit scores are about 670+. So far I haven't been able to get but one lender to agree but they won't pay for a significant portion of it. The price is about 16k. 

Any recommendations for an auto loan that could cover the above scenario?

Thanks in advance!

[AutisticPretzel]

If you have access to Navy Federal services, they would be a solid bet. They are pretty relaxed when it comes to age restrictions on vehicles the last time I checked. Getting a 20 year old vehicle at a decent rate wouldn't be an issue with them.There's a credit union in Tennessee called SouthEast Financial Credit Union that also has zero restrictions on year and mileage. They seem to be open to anyone who donates to an 'Autism Awareness" fund ($5.)

Another alternative (that may or may not be viable for you considering your credit score) would be LightStream. They have zero restrictions on mileage and age. On top of that although they will ask for proof of purchase, they won't hold on to your title so the car effectively belongs to you.The only issue is that I know LightStream prefers to cater to people with not only good credit but overall strong profiles (Little to no derogatories/Several years of history/Low UTI or DTI). I'm not sure what's holding your scores down but they're worth a shot.

The last option would be your traditional personal loan. If getting wonderful interest rates isn't a priority for you, there are a multitude of institutions that would lend to you with less than perfect credit... You're just going to pay a hefty fee for it.

[CreditCuriosity]

Lightstream would be best bet although scores won't get that for you as above poster mentioned.  Likely would have to be a personal loan or some abstract CU mentioned above, but regardless whatever you use you will be paying a premium in the 12-20% range to likely finance this venture.  Just a guess of a number btw, but likely accurate range

[RobynJ]

I use to be an F and I manager a few years back and the one thing I can tell you for sure is that almost all of the auto loan lenders use a LTV (loan to value) getting values from either NADA/Kelly/Blackbook and is usually capped at 125% of trade in value. There are some that will go higher although you would normally need a much stronger score for that. The best route would probably a personal loan as stated by a prior poster unless you can get the loan amount in the 125% range at maximum. Best of luck. 

[increasingmyfico]

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@Bladematthewslp wrote:

Hello, does anyone have any recommendations for who to get an auto loan through? The car is about 20 years old but with very low mileage. Credit scores are about 670+. So far I haven't been able to get but one lender to agree but they won't pay for a significant portion of it. The price is about 16k. 

Any recommendations for an auto loan that could cover the above scenario?

Thanks in advance!

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     If you're buying from a dealer Wells Fargo or Woodside are options. Credit unions, Lightstream and other personal loans would be other options. 

[Mdowning30]

I have read that Lightstream is really good for older vehicles, no minimum requirements for vehicle. Scores do need to be atleast 660+.