Age and mileage requirements when financing a used car

Age and mileage requirements when financing a used car


Getting a new car is an exciting time, and it’s important that the car you buy
will do the job for many years to come. For this reason, some motor finance lenders
will set requirements for the car’s age and mileage. This ensures that the car is of a good quality,
lowering the risk for the lender and reducing the chances of you needing to pay
for costly repairs on the vehicle during the term of the finance agreement. In general, you will need to look for a car that will be no more than
12 years old at the end of the proposed finance term. The car must also have no more than 100,000 miles
on the clock at the start of the agreement. As an example, if you want to apply for a 5-year car loan, the car
cannot be older than 7 years old when you buy it. Some lenders may make exceptions,
and consider each application individually. Factors such as a strong credit profile and type of car can influence the requirements around age and mileage. However, the lender may request extra checks on the car,
such as a full MOT or HPI check. If you are looking to finance a used car
that doesn’t quite meet these guidelines, you can discuss this in more detail with your
Car Credit Specialist when you make an application. If you need help with choosing a used car
that fits with the lender’s criteria, My Car Credit can help. We have an extensive network
of approved dealers throughout the UK, who send us details of used cars for sale daily. Our trusted dealers, called ‘My Car Dealers’, have been vetted by My Car Credit for financial stability and customer service standards. Our wide selection of cars
and the expertise of our dealers makes My Car Credit a secure and trusted online platform to find your next used car on. Why not start your car buying journey now
by applying online at mycarcredit.co.uk?

About the Author: Michael Flood

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