What is the maximum mileage to finance a used car?
There is not a set limit on the maximum amount of time to repay a car loan, but be aware that there are a few guidelines that banks follow: some banks have a policy on used cars that prevents buyers from financing vehicles over seven years old and with over 100,000 miles on their odometers. Many banks and most credit unions will consider loans on older used vehicles. Guidelines vary, but national banks generally place a threshold at 10 model years and 125,000 miles or less. Credit union policies span from the same 10-year limit to 15-20 years or even no formal age cap.