If you’re having trouble getting approved for financing on a vehicle, you may want to consider looking at high mileage cars. Cars with higher mileage commonly have a lower asking price, which makes it easier to get a loan for them. The finance experts at PA Auto Credit make car ownership accessible to everyone. Here is an overview of financing high mileage cars.
Can You Finance High Mileage Cars?
While some auto lenders may shy away from providing financing for cars with high mileage, options are available when you work with PA Auto Credit. Our lenders understand that modern cars are built to last, and mileage isn’t the sole indicator of a used car’s overall quality.
Factors Affecting Your Approval Chances
There are a number of different factors that affect a buyer’s ability to finance a high mileage car.
- Your credit score: Your credit score plays a large role no matter what type of used car you are financing. A good credit score will open more doors in financing, but it’s not an absolute necessity, especially with high mileage cars.
- The car’s age and condition: Lenders consider the overall condition and maintenance history of the car, rather than just the mileage.
Tips to Boost Your Approval Chances
If you’re considering financing a high mileage car, keep these tips in mind.
- Improve your credit score: Examine your credit report and see if there are any discrepancies you can clear up before seeking financing.
- Provide a down payment: Generally, the larger the down payment, the higher your approval odds.
- Consider a co-signer: If your credit score isn’t where you would like it to be, a co-signer with good credit can help.