back Back
info-speech-bubble

Pre-application Support

Finding car finance for older cars

Whether you’re a first-time buyer or someone well versed in buying cars, picking up an older model car can often provide great value for money compared to those that have just come off the showroom floor.

The second-hand car finance market is currently booming, with prospective buyers sometimes even finding models from two or three years ago that have more features than those more recently released.

However, while more recent second-hand cars can easily be financed, finding car finance for older cars (15+ years or classic) can sometimes be a tricky proposition.

Fortunately, financing an old car is still feasible; you just have to be aware of what constitutes an old car and where to go in order to find the necessary financing.

Zuto is a credit broker, not a lender. Our rates start from 7.9% APR. The rate you are offered will depend on your individual circumstances. Representative Example: Borrowing £7,000 over 48 months with a representative APR of 19.3%, the amount payable would be £205 a month, with a total cost of credit of £2,831 and a total amount payable of £9,831.

At what age is a car considered old?

There is no set age in the UK at which a car is considered old, vintage, or a classic vehicle. Typically, most owners of vintage cars agree that a car can be considered a classic after 15 years, assuming it’s still worth over £15,000 or has begun to appreciate in value again.

How old can a car be to be bought with finance?

When it comes to financing an old car, the consensus among lenders around the maximum age of vehicles eligible for loans is around 10 years but due to recent stock challenges in the used car market, some lenders will consider up to 12 years old.

Typically, older cars should also not have a total mileage of over 100,000, after which the potential for part failure is substantially increased, and the possibility of getting an extended warranty can be harder.

Fortunately, this is not a hard and fast rule, and lenders could sometimes make an exception, so it’s always a good idea to get in touch to see how we can help you.

How to get car finance for older cars

In order to be eligible for financing an old car, your lender will need to consider a variety of factors relating to your chosen vehicle, such as:

  • Age and condition
  • Total mileage
  • Overall value of the car
  • Who is selling the car: is it a dealer, a private sale, or at auction?
  • Price of the sale
  • Size of any deposit and advance payments
  • The terms of the finance agreement
  • Your credit rating

The age and antique nature of older cars will often mean the terms of your financing agreement differ slightly from more traditional car finance loans.

If your lender is unsure whether or not they can finance an older car, it’s not necessarily the end of the road. They may very well be able to put you in touch with an older car finance specialist who can provide you with the finance you need.

What type of finance is available when financing old cars

If you are able to get finance for an older car, then there’s a good chance that you could be eligible for either HP car finance from Zuto or PCP finance options – although hire purchase loans are more common as you’ll then own the car after the final payment is complete.

If you’re looking for car finance, get in touch with the Zuto team today. We’ll help you select the best option for your financial situation, and assist you with financing an older car.

From PCP finance to HP car finance, we’ve plenty of car loan options for you to choose from. Our help and advice section is filled with information to help you navigate the potentially-confusing world of car finance, and there are plenty more articles like this one over on our blog,

Recommended articles