Old Car Finance: Used Car Finance Age and Mileage Requirements

General rules

• A car’s age at the end of the proposed finance term will be restricted to 12 years old. For example, when you apply for car finance loaned over a five-year period, the car cannot be over seven years old at the time of the initial purchase.
• Your car’s total mileage will be limited to 100,000 miles from the start of the proposed car finance term.
• There might be some mileage restrictions included in the term of your loan. Quite often, you may find some car finance lenders allowing for around 10,000 miles a year.
• A less general rule involves the value of the loan. Some lenders will only agree to car finance for an older vehicle depending on the amount of the loan. Usually, this amount is set around the £3,000 mark, but this can vary.

The exceptions

Some of our lenders will review your application on a more individual basis. In exceptional cases, they may disregard some of the general rules outlined above. What’s more, factors such as the strength of your credit profile and the type of car you are looking to finance will be considered. In these cases, My Car Credit and the lender may request extra checks on the car, such as an MOT or HPI check.

Are you thinking of financing a used car that doesn’t quite meet the general guidelines? We’d advise you discuss it in more detail with your Car Credit Specialist at the time of your application? In conclusion, we’re here to help – from handling your application and helping you find a car to sourcing the best car finance lender for your circumstances.

How My Car Credit can help you find the right used car

As part of our promise to provide the best car-buying experience, My Car Credit offers a comprehensive My Car Search.

Our extensive stock feed of quality used cars is updated on a daily basis. Crucially, all the cars we have available are sourced from our network of trusted car dealer partners.

We take full responsibility for vetting all of our dealers for their credibility. This is based on their status with the Financial Conduct Authority (FCA), their financial stability and customer service standards. By choosing your car through us, you’ll get the best choice of cars, the best car buying experience and excellent after-sales service.

If you would like further advice or guidance on choosing the right used car for your budget, please get in contact on enquiries@mycarcredit.co.uk or call 01246 458 810.