How Can You Finance a 10-Year-Old Used Car in Greenville?
If you are trying to find out the answer to this question, then you probably already know that financing 10-year-old used cars for sale in Greenville is no piece of cake. However, it also means that you have been looking at the wrong places until now as the actual situation in the market is way brighter than you think. Yes, there are some risks associated with financing a 10+ years old used car, and most conventional lenders refuse to take on those risks but there are financial institutions in Greenville who happily finance any used car that you may wish to buy. Let’s explore the available options here.
Banks – a strict no!
No matter what your credit score is, a bank will rarely finance 10+ years used cars for sale in Greenville. Their logic – if you fail to pay your debt due to any reason, the bank will not be able to sell the used car for enough money and they will stand to lose in the end. But somehow, banks have no problem in financing a new Mercedes S-Class that depreciates almost $25,000 the moment the owner drives the vehicle out of the dealership. Weird, right? Well, banks are highly regulated institutions and they have to follow rules, and this makes it difficult for an average consumer to finance a 10-year-old used car from a bank.
Credit unions – maybe
Many Greenville used car dealers will send you to credit unions to finance a decade-old used car. Unlike banks, credit unions are not that stringent about saving their loans and they are willing to accept the associated risks. But as you might have suspected already, there is a catch. Credit unions only pay you the book value of the car as a loan, not the market price at which you buy, and the difference has to go out of your pocket. Depending on the vehicle, the book value or actual price of the asset may be quite low than the market value. And the financing offer might not help you at all. Plus, you have to buy into a credit union to utilize its benefits which directly means further expenses on your part.
Family Auto – absolutely!
One of the top car dealerships in Greenville, South Carolina, Family Auto is a buy here pay here. We help you finance used cars of all makes, models, and years of manufacture, even if you have a bad credit score. Our used cars for sale are of exceptional quality. And we back every car in our fleet with a flat 2 years/36,000 miles warranty. Hence, the very aspect that banks and credit unions fear about 10-year-old used cars gets bypassed here as the underlying quality is way above the industry average.
Plus, you can pay low down payments on cars in Family Auto. You can trade in your old car and used its dollar value to bring down the net down payment. Or, you can choose an affordable used car from our vast inventory and pay as low as $500 as down. Family Auto is your trusted lender to finance 10+ years old used cars. Visit our White Horse Road dealership today and claim your approved auto loan.
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