Most bad credit lenders will not finance a vehicle over 7 years old and with more than 60,000 miles on it because generally older higher-mileage vehicles are more likely to need repairs. Since these lenders want you to reestablish your credit, they want you driving one that is dependable (since no one wants to make payments on a car or truck that isn’t running).

Because of this fact, you’re going to find that pretty much every lender of this type is not going to want to finance a 12 year old vehicle with over 60,000 miles on the odometer – even though it is priced less than the approved amount. If you do find a lender willing to do this, my guess is that the finance term would be between 24 and 30 months, which, depending on your down payment, might put the monthly the payment out of your budget.

My suggestion to you at this time would be to find something that fits your budget in a newer small or mid-size sedan and finance it for 48 months or less. Then, in 18-24 months when your credit scores are higher, you can trade in this vehicle and finance the kind of vehicle you want at a lower interest rate with a traditional lender.

Best of luck to you.