Ultimately, the limits on used car age and mileage will be determined by each individual car finance lender. These will vary depending on people’s individual circumstances, and whilst each lender will have their own set of specifics when it comes to this area, there are some guidelines that are seen as general rules for financing an older car model.

General rules

  • A car’s age at the end of the proposed finance term will be restricted to 12 years old. If you want to apply for car finance loaned over a five-year period, for example, the car cannot be over seven years old at the time of the initial purchase.
  • A 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, with some car finance lenders allowing for around 10,000 miles a year.
  • A less general rule involves the value of the loan, whereby lenders will only grant a car finance application 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 and may disregard some of the general rules outlined above in exceptional cases. 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.

If you are looking to finance a used car that doesn’t quite meet the general guidelines used for most applications, it would be better to discuss in more detail with your allocated Car Credit Specialist at the time of your application. There are a number of ways we can help you with your car finance application, with finding a car, and a car finance lender, that suit your criteria.

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

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

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

All of our dealers have been vetted by My Car Credit based on their status with the Financial Conduct Authority (FCA), for their financial stability and customer service standards. This means that you can be assured that choosing your car through My Car Credit will provide you with the best choice of cars, the best car buying experience and excellent after-sales service.

So why not click here and access My Car Credit’s My Car Search to browse your local area for used cars?

If you would like further advice, contact our Car Credit Specialists, who will be more than happy to guide you through choosing the right car for you and your online car finance application. Alternatively, you can visit our Help and Advice pages for more information.

My Credit Rating

Excellent

  • You are a home owner
  • You have been on the electoral role for a long period of time
  • You have current credit arrangements and mortgage with no defaults
  • You have no CCJs, credit arrears or missed payments
  • You rarely apply for credit
  • You are employed or self-employed

Good

  • You are on the electoral role
  • You are a home owner or long standing tenant
  • You have a stable employment history
  • You have current credit arrangements with occasional missed payments
  • You have no CCJs

Fair

  • You are or have recently been on the electoral role
  • You may have recently changed address
  • You may have occasional missed payments
  • You may have an old CCJ
  • You may have regularly applied for credit

Poor

  • You may have had frequent changes in address
  • You may not be traceable on the voters roll
  • You may have exceeded credit card limits
  • You may have missed payments on current agreements
  • You may have had a CCJ in the past

Bad

  • You may not be traceable on the voters roll
  • Your credit cards are over their limits
  • You have recent CCJs
  • You may have been refused credit elsewhere
  • You may be in a debt management plan
£

X monthly repayments of
£X

Typical rate

Loan amount

Total payable

X% APR*

£X

£X

*for illustration purposes only

No impact on your credit score

Representative Example

Borrowing £7,500 at a representative APR of 23.9%, annual interest rate (fixed) 23.88%, 47 monthly payments of £234.69 followed by 1 payment of £244.69 (incl. estimated £10 option to purchase fee), total cost of credit is £3,775.12, total amount payable is £11,275.12.

My Car Credit is a credit broker and not a lender.

Require more help?

Got a question you can’t find the answer to, or need some advice and guidance around taking out car finance? Our Car Credit Specialists are friendly, experienced, and here to help so get in touch today!