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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 ?
Does the car have 150k on it right now? Sounds like it should be about 90k? No? You should be able to refinance now.
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
@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?
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?
$$$$$$ is the goal to borrow. Bottom line in two years when it's paid off and I refinance the car, I'll get 100% of the loan to myself. With a lower rate than a personal loan. Besides im keeping the vehicle till the engine blows now back to the op. Can I refinance a car with a little less than 5 years old at 150K miles
@Anonymous wrote:$$$$$$ 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.
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.