Sometimes, when we are looking for affordable transportation, we start to look at what the lowest priced options are instead of what is best for our own unique situation. Believe it or not, a cheap car isn't always better.

Financing for Old Cars

When we have bad credit, we tend to look at options that are very low cost, like older used vehicles. Sometimes, it can become very challenging to find a subprime auto loan that allows you to get that vehicle financed. On the surface, it doesn't make sense; the car you are looking at is extremely affordable, but you can't get financed for it. Why?

Okay, here is an example: let's say you are looking at a 2000 Chevrolet Cavalier Sedan. It has 124,000 miles on the odometer, but is in decent condition. However, it already has everything against it in regards to it qualifying for financing.

  • This car is too old and has too many miles on it.
  • A subprime lender will only finance a vehicle that is 10 years old or newer and/or has less than 100,000 miles on it.

In addition to that, the asking price is too low to be financed - according to, the current retail price for this car is around $2,700. High-risk lenders typically have a minimum financing amount of $5,000.

So, ask yourself this: Is it really the cheaper way to go? Or will you end up paying as much money towards auto repairs on a car that is already 15 years old? You should reassess what you can really afford so you can possibly get a Certified Pre-Owned (CPO), or newer model vehicle that will prove to be far more reliable.

Getting an Affordable Car

Instead of finding the cheapest ride you can, let our team here at Auto Credit Express find you a dealer who can accommodate your unique financial situation. We have a nationwide network of dealers that are qualified in financing car buyers with less than perfect credit. Complete our fast and easy online application today. Then we can arrange a time for you to meet with the dealer who has what you need in order to get back on the road.