Financing older cars

[Paul_S]

I'm hunting around the used car market and there are quite a few medium milage cars (100L-150K) that are in good condition but the finance companies won't allow more than 6-8 years old.
Does anyone know where to get finance for cars older than 6-8 years?

I don't see why I must pay an extra R20K to get a car that is 2 years younger but is in the same or worse condition as the older model. :(

Thanks

[dam]

Couldn't you just get a personal loan? You can get finance for a car that is 10 years old if it is a luxury vehicle (thats what I did).

[xrapidx]

Wesbank P2P

Its meant for private sales, but they did my car and its 7yrs old.

[Paul_S]

Thanks people. :)

[dablakmark8]

wesbank..did not know that

[ShaunSA]

Always thought the cut off age was 5 years. 6 - 8 is even better. Maybe one day I will be able to afford something :)

[adamr]

Wesbank P2P

Its meant for private sales, but they did my car and its 7yrs old.

+1

[xrapidx]

Older cars and private deals usually have a higher deposit requirement, and higher interest rates.

[Paul_S]

I came right with my bank (Standard Bank).
All the other financing houses rejected my loan application because I'm a ghost on the ITC system. I guess I need to open a few clothing accounts or something. :D

It's kind of funny to have R5K to spare a month and not be able to purchase a second hand car in the R60K price bracket.

Standard Bank gave me a loan at prime + 0.8% and adjusted the repayment term for me at my request. This is for my first vehicle purchase so I'm pretty happy.

[xrapidx]

...damn... thats good... I got prime +1% :(