Key highlights
- Lenders weigh the bus's age at term's end
- Older, well-maintained buses may still be eligible
- Age limits are more flexible than many expect
- Shorter terms can suit an older bus
- Find lenders comfortable with your bus's age
Plenty of operators buy used buses, so a common question is how old is too old to finance. Lenders do set age limits, but they are more flexible than many expect. Here is the general picture.
How do lenders view bus age?
Most lenders look at the age of the bus at the end of the loan rather than the day you buy it. A common guideline is that the bus should be no more than around 12 to 15 years old when the term finishes, though this varies widely by lender and vehicle type.
Can you finance an older bus?
An older but well-maintained minibus or charter bus may still be eligible, sometimes on a shorter term or with a slightly different structure. Service history, condition and the strength of your business all play a part. Eligible applicants with older assets may simply see the term adjusted accordingly, subject to lender criteria.
Why does end-of-term age matter most?
Because the end-of-term age drives the decision, a five-year-old bus on a five-year loan is treated very differently from the same bus on a seven-year loan. Matching the term to the age helps keep options open. For depreciation on an older bus, confirm with your accountant or registered tax adviser.
What bus age can you finance?
Simon can quickly tell you which lenders on Overdrive's panel are comfortable with your bus's age and structure a term to suit. Request an obligation-free quote. It's a soft check that won't affect your credit score.
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