Vehicle Requirements for Bad Credit Car Loans

Get Car Financing
Even with poor credit.

By

Megan Foukes is a recent graduate from Indiana University who graduated with a bachelor’s in journalism. Megan works as a content writer for Auto Credit Express and contributes to several automotive and finance blogs.


, - July 5, 2019

Did you know that not every vehicle is eligible to finance when it comes to bad credit car loans? Subprime lenders have restrictions on the age, mileage, condition, and price of vehicles they’re willing to finance. If you’re looking for a loan through one of these lenders, you may have a more limited selection of car's available for financing than you might think.

Basic Vehicle Restrictions and Requirements

Each subprime lender has their own specific requirements for vehicles they’re willing to finance for bad credit car buyers. However, you can typically expect them to share these three requirements:

  1. Minimum financed amount – Lenders have a minimum amount they finance. Generally, subprime lenders set the minimum amount to finance at $5,000 and won’t go any lower than that. What this means is that the car’s price could be lower than this amount as long as the total amount being financed adds up to at least $5,000.
  2. Vehicle age limit – The majority of subprime lenders only finance cars that are 10 years old or newer, but it can vary. You may find some that cap this at seven years, so make sure you ask the dealer about this.
  3. Vehicle mileage limit – Just like age limits, there are mileage limits, as well. Subprime lenders tend to only finance cars with less than 100,000 miles on the odometer, but this can also vary.

How to Pick the Right Vehicle for You

When you have bad credit, a special finance dealership helps you get approved for an auto loan first, then they help you choose the right vehicle. However, it doesn’t hurt to do some research and planning ahead of time. You don’t have to search the web for all the information you need, either, just stick to CarsDirect.

You can research vehicles in our new and used car sections, and even use our car loan calculator to get an idea on how much you can afford. Our calculator is an estimator, and you need to know your desired monthly payment, credit rating, sales tax, and how much you want to put down. From there, you can see vehicles that fall within the estimated range by clicking on the “see cars at this price” link, and dig deeper into their specifics.

Ready to Get Started?

After you’ve done your vehicle research, CarsDirect can also help you by connecting you to a local dealer to get you started. Our process is simple, free, and doesn’t put you under any obligation.

To get connected to a dealership near you for the bad credit auto loan you need, just fill out our car loan request form and we'll get to work for you!

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Megan Foukes is a recent graduate from Indiana University who graduated with a bachelor’s in journalism. Megan works as a content writer for Auto Credit Express and contributes to several automotive and finance blogs.


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