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February 28th, 2010
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Will a bank or credit union finance a car that is 8 years old?
I want to buy a 2001 Jeep Grand Cherokee that has 95k miles on it. The car is $5900 and I have $1500 to put down. Will a bank or credit union finance the rest even though the car isn’t very new?
Depends entirely on your bank or credit union. They will take into account the Kelley Blue Book value and it’s a good idea to run a Carfax report on it before you give anyone your money.
But it shouldn’t be a problem, people buy used cars older than yours all the time and many times with full financing.
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The West Wing
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