Key highlights
- Age rules are more flexible than many expect
- Lenders often set an end-of-term age limit
- A well-maintained, fairly valued car can still qualify
- Older vehicles may carry higher running costs, shorter terms
- Simon checks lender policies for the car you want
If you are eyeing an older or used vehicle, you may be wondering whether its age will affect your finance. Lenders do consider age, but the rules are more flexible than many expect. Overdrive helps you understand the limits and finds lenders comfortable with your chosen vehicle.
How do lenders view a car's age?
Most lenders focus not only on a vehicle's current age but on how old it will be when the loan ends. Many set an end-of-term age limit, so a car that is older to begin with may qualify for a shorter term, subject to lender criteria.
Can you finance an older car?
Plenty of businesses finance used vehicles successfully. A well-maintained car with a reasonable value and clear history can be attractive to lenders, and comparing the panel helps identify who is most flexible on age.
How to balance a car's age and value?
An older vehicle may cost less upfront but could carry higher running costs and a shorter available term. Consider how long you plan to keep it, and check with your accountant or registered tax adviser about any tax effects.
Not sure if the vehicle you want will qualify? Simon can check lender policies and provide an obligation-free quote. It is a soft check that won't affect your credit score, so get in touch with Overdrive today.
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