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Yes, you can finance a car with high mileage.  However, it is not as easy to do as financing a used vehicle with less than 100,000 miles.

High Miles = High Risk

Lenders are all about the amount of risk associated with a loan. High mileage on a vehicle poses a significant risk for default. Through years of experience, lenders have found that high mileage cars need more repairs. From time to time, those repairs are too expensive for the borrower to afford. That means the borrower then has a loan on a vehicle that is inoperable. So, the thinking can be ”If I can’t drive it, why pay for it,” leading to a default on the loan. Because of the risk, many traditional banks will pass on loans for cars with more than 100,000 miles. Many of them have specific guidelines in place as far as financing pre-owned vehicles. Banks often specify that the vehicle…

  • Has less than 70,000-100,000 miles on the odometer.
  • Is less than 7-10 years old.
  • Does not have a rebuilt or salvage title.
  • Costs at least $7500
  • Is purchased from a non-independent dealership, not a private seller or independent lot.

Financing Alternatives

Credit unions are more lenient and may offer a loan for a vehicle with more miles, as will some auto dealers through their network of finance companies. Your credit score will also come into play. A person with excellent credit will find it easier to get a high mileage car loan than any one else. Even if you have bad credit, you may still find the financing that you need online. There are services like My Car Lender that are willing to work with bad credit borrowers and high mileage vehicles.

Classic or Vintage Vehicles

Classic or vintage vehicles often get lumped into this category of high-mileage vehicles. These are financed by specialty lenders like Westlake Financial, Woodside Credit, and JJ Best. Typically, an appraisal of the vehicle in question is required, and loans start at $10,000. Extended repayment terms are sometimes available, since with a classic car, depreciation and negative equity are not big risk factors. You typically need good credit to qualify for such loans.


About the author: Jerry Coffey


Jerry Coffey is the financial expert here at A recovered "debtaholic," he now preaches frugal-living and sound money management here and at, where he is the chief contributor. He works for a major automaker.


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