8 years ago. RE How can I refinance car with over 100000 miles ? Traditional lenders use a set group of criteria when considering a loan. Instead, get a pre-approval to find out how much of a loan you will be able to afford. Think about how long you want to keep the car– If you only intend to drive it for a couple of years, you may not want a lengthy loan. Lending Restrictions on Higher-Mileage Vehicles. Login to reply the answers Post; LOUDGUY8711. The mileage on your vehicle — Mileage can also affect a vehicle’s value, and you may not be able to refinance a high-mileage car or truck. 3 things to know about financing a high-mileage car. More miles typically means more wear-and-tear and more maintenance and repair costs. It is possible to finance a high-mileage car, but you may need to seek a non-traditional source of financing. However, refinancing a high mileage car is a different story. The mileage limit varies from lender to lender. High-mileage leases can come with a higher monthly payment, but in return you get to drive more miles than with a standard car lease. When high mileage car loans include old vehicles, the driver might be in for a lot of trouble with the car in the near future. Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type. Also be sure to pay attention to whether or not the lender is doing a hard pull on your credit or not as it can impact your credit score for future financing. But there are other situations when refinancing would make sense. High mileage. Yes, you can finance a car with high mileage. 1. It can be difficult to refinance your auto loan if you have bad credit, but it might still be possible. 0 0 1. Who will refinance a high mileage auto that is not currently FDIC insured? In two years from now My car will be paid off with just under 5 years old with 150K miles. ... Can i refiance a car with 150K miles I have never been late on the car payments. Will a lender refinance with that mileage? High Miles = High Risk Lenders are all [...] However, it is not as easy to do as financing a used vehicle with less than 100,000 miles. You could refinance your car with many lenders the same as you would any other car, the problem is the interest or term they will allpw on a older or high mile car. That cutoff is fewer than 125,000 miles at Bank of America, while online lender OpenRoad Lending will refinance a vehicle that has up to 140,000 miles. The reason lenders are hesitant about refinancing auto loans on high-mileage vehicles is because such vehicles pose an additional risk. Many banks and credit unions do not like to loan money to people interested in older cars with many miles on them, because they represent a higher risk for the company. People typically refinance an auto loan because they've found a better interest rate, which would result in them saving money. Lenders are not usually willing to provide loans for a high mileage car for they may consider it as a high risk vehicle. Here are a few things to know about auto loans and high-mileage vehicles as you approach the car-buying process. Let’s take a look at when high-mileage leases may be a good idea, and when you should probably stay away. These two statements show that you should choose newer autos. However, it is not as easy to do as financing a used vehicle with less than 100,000 miles. In March my old cash car took a dump on me, so I went down to a "nice-ish" buy here-pay … A car with high mileage is always worth less than a comparable vehicle with lower mileage. High Mileage Auto Loans If you are in the market for a used car with a lot of miles on it, finding a good loan can be tricky. Find out your credit score first in order to estimate what interest rate you will be eligible to qualify for. Despite this condition, you can still refinance a high mileage car by following the useful steps enumerated below. However, if you want to get an auto refinance loan with bad credit and high mileage, you’ll need to shop around and ask about limits. If you're looking to refinance the loan on a high-mileage vehicle, carefully weigh …