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Finance a 10 year or older high mileage truck

Dennis Walsh @lawjolla
Owner, Crosscut
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You can finance a 10 year old, high mileage diesel truck

When you ask your bank to finance a 20 year old, high mileage diesel truck, the laughter is deafening. However, there is a way to make it happen. In this article, I’ll tell you how our customers have gotten financed (spoiler alert: LightStream) and their experience.

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Not sure if trucks this old are in showrooms, but go with it...

Almost all lenders exclude vehicles that are 10 years or older, 100,000 miles or more

The older that vehicles get, the more likely they are to break. And when they become undriveable, the owner is likely to default on their loan. Therefore, most lenders have hard stops on the vehicle’s age and/or mileage.

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This 220,000 mile 2010 Ram diesel got financed

Most lenders have different diesel truck year and mileage standards

Diesel trucks last longer than the average Ford Escape so most lenders extend the allowable year and mileage. For instance, most local credit unions will go from 10 years to 15 and up to 150,000 miles.

But if your lender does not have those allowances, or your truck is even older with higher mileage, what can you do?

LightStream personal loans will finance the old high mileage trucks and diesels

The answer for our customers is a LightStream personal loan. The loan rate is competitive with vehicle loans, but isn’t collateralized with the vehicle — just your signature. There’s no lien on the vehicle.

The catch? You need very good credit. Each application is unique, so there are no published “hard stops”, but in-order for LightStream to hand you money on the strength of your signature, you’ll need solid credit.

Our customers have been happy with the process. Normally they’re approved the same day and the money is in their bank account the next day.

They write a cashier’s check to us and we hand them a title. Really simple.

Apply for your LightStream loan.

What’s been your experience? Do you have any other lenders? Chat with us and give us your feedback! We’d love to add to this post.

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