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Can i refiance a car with 150K miles

Established Contributor

Can i refiance a car with 150K miles

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.
Message 1 of 13
12 REPLIES
Contributor

Re: Can i refiance a car with 150K miles

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 ?

CH 7 Discharged 6/10/15
T/U - 643
EQ - 588
Ex - 647 as of 6/14/15
Message 2 of 13
Valued Contributor

Re: Can i refiance a car with 150K miles

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

Ch 7 Discharge 3/12/2018
Credit One $700, Wayfair $3,500, Blaze MC $2,500

AU Cards: CSP $37.7k; Chase Marriott $20k; Citi TY $8.5k; Barclays Arrival+ $15k
Message 3 of 13
Established Contributor

Re: Can i refiance a car with 150K miles

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

Message 4 of 13
Regular Contributor

Re: Can i refiance a car with 150K miles


Peanut6 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?

Message 5 of 13
Established Contributor

Re: Can i refiance a car with 150K miles

No I just want to refinance set aside the loan on a cd and pay off the balance with my own income overtime.
Message 6 of 13
Regular Contributor

Re: Can i refiance a car with 150K miles

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?

Message 7 of 13
Established Contributor

Re: Can i refiance a car with 150K miles

$$$$$$ 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

Message 8 of 13
Moderator

Re: Can i refiance a car with 150K miles


Peanut6 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. 

Message 9 of 13
Frequent Contributor

Re: Can i refiance a car with 150K miles

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.

Too many new cards and am too lazy to update my signature
Message 10 of 13