For some people, buying a new car does not necessarily mean purchasing a vehicle straight from the factory or off the showroom floor. It means purchasing a different vehicle – one that is newer than the last, but one that is considered a used vehicle. Used car loans can be tricky. Often, banks, credit unions, and loan companies put stipulations on loans for previously owned vehicles. Often, the vehicle must be a certain age, and many times, it must have a specific number of miles on it.

In order to obtain used car loans, individuals must choose a car, truck, or SUV that is less than five years old. Depending upon the year of the vehicle, the mileage must not exceed a specific value. Shopping for previously owned vehicles is not like browsing the selection of new inventory. When you prepare to purchase a new vehicle, you know that banks and other financial institutions will finance the asking price. That is not always the case with the used cars that dealers have in stock. Unless the vehicle meets certain guidelines, getting a loan for the car of your dreams may be difficult. Many lenders also require that the vehicle be purchased from a dealer, meaning that you cannot buy a car that someone is selling outright. This limits your possibilities, as you are unable to buy a car that an individual is selling.

These guidelines, that lenders have set, make it extremely difficult to get a loan for an older vehicle that has been restored. Old muscle cars can go for thirty, forty, fifty thousand dollars or more. Rarely will individuals be able to get used car loans for vehicles like this, simply because the autos do not fit the criteria that lenders have set. They may meet the mileage guidelines, but they do not fall into the category that lenders have set in regards to age.

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