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How much will a lender give me for a used car loan?
I want to get a used car and I don't want to pay too much. I just want to make sure I can get a loan. Is there a minimum amount to get a used car loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
In most cases, the least amount a lender will give you for a
car loan
is about $5,000. However, it’s dependent on the car and your down payment. For example, if the car was $15,000 and you put down an $11,000
down payment
, the lender would almost certainly give you a loan, simply because the collateral, or the car, is worth far more than the $4,000 loan you require.The amount a lender will give you is also dependent on the details of your vehicle. Cars that have more than 100,000 miles or are older than 10-years-old typically don’t qualify for a car loan unless they’re a classic car. And even then, they still may not qualify. If the car you want is around $5,000, you may want to seek preapproval from a lender before you pull the trigger on the car.
Alternatively, you can pay cash for the car and avoid all of the loan hassles altogether. If you get approved for a car loan, keep in mind that you will need full coverage car insurance, which might be an expensive venture, especially for a car that’s older or only worth about $5,000.
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