Looking to buy a car but spread the cost

timetogetfit

Ok I am looking to buy a car but since I don't have cash I will be looking to spread the cost with a finance deal over the longest term possible(over 5 years) but I am aware that most dealers only give you finance for newish cars,so my question is what is the oldest year I could get but still get a finance deal over 5 years?

Mr Benevolent

timetogetfit wrote: »

Ok I am looking to buy a car but since I don't have cash I will be looking to spread the cost with a finance deal over the longest term possible(over 5 years) but I am aware that most dealers only give you finance for newish cars,so my question is what is the oldest year I could get but still get a finance deal over 5 years?

Why not save up and buy an older car for less? It'll work out 20%+ cheaper in the end.

SV

Lad I work with bought an 03 last year and got finance for 5 years on it?

cabrwab

You could always go to a credit union too.

Finance is tough to get these days.
You'll need to shop around with regards what company will give you the best options and rate, unless you've got some sort of credit history it can be tough to get the 0%apr garages can offer.

There is alot of small print involved remember.

EDIT: and as SV said you can get 5 years finance from a garage it involves going in and asking if they can, when i was getting my car the dealer offered me finance on the car, second hand car at that, i didn't need it at the time

Atlantic Dawn

Over 5 years is about all the banks would do unless they give you some ridiculous rate. How much are you prepared to pay per month?

Might be better talking to your credit union for a personal or motor loan with better terms.

You'll have to get a personal loan I'd say.. I want to see the car that is worth a loan like that though?

-Chris-

Go in to a dealer and ask.

As far as I know you can go up to 5 years for any car, but if you want a balloon payment on the end (as a lot of people do) then the finance can only last until the car is 7 years old - i.e. if you buy a 4 year old car, you can only take up to 3 years finance on it.

I'm pretty sure that's right...

Gael23

The car has to have no finance when it is 8 years old- so 2007 would be the furthest back you could go.

Anan1

ryanf1 wrote: »

The car has to have no finance when it is 8 years old- so 2007 would be the furthest back you could go.

In 2015?;)

Gael23

Anan1 wrote: »

In 2015?;)

I think thats how it works, because in 2015 it wil be 8 yrs old

mickdw

Get a personal loan & buy what you like. This may only be possible if you have a good relationship with the bank.