“Credit unions may have looser stipulations for financing, but every credit union has its own set of regulations.
Many credit unions have a cutoff for age and mileage. Depending on the credit union, this is around 10 years and 100,000 to 150,000 miles. The cutoff protects them from a car that could essentially become worthless as collateral if it breaks down.
Beyond their cutoff, credit unions also take your risk into account, including your current amount of debt and your credit score. If you have a higher credit score and are considered lower risk, they may consider financing an older vehicle.
If you can find a lender, remember that you’ll also need full coverage car insurance
, so don’t max out your budget on the vehicle alone. While insurance can be expensive, that doesn’t mean it has to be expensive. Try using the free Jerry
app to help you compare rates from the top 50 companies and get the best deals delivered to your phone in minutes.”