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With respect, Go With The Flow is incorrect (at least as far as far as my state is concerned) in stating that lenders won't finance cars more than 5 years old. I am currently financing an 11 year old car (with low mileage when I bought it). He IS correct is stating that you probably won't qualify for a loan on your own. One reason is that you only make $1,000 a month. Most lenders have a minimum monthly income requirement of at least $1,600 a month. And most lenders don't want to make loans of less than $5,000. You could try a Buy Here, Pay Here lot but be prepared to pay an exorbitant interest rate, probably the state max (could be in the high 20s%. And if you go this route, try to make sure the dealer reports to the credit bureau so that you can build your credit.

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You'll find that banks do NOT make loans on cars that are more than 5 years old.

Pick up trucks for some reason 7 years (don't ask).

Also they may turn down vehicles with excessive mileage.

And your age has a lot to do with this.

You said you have been using a credit card, if this is the case, I hope you have been paying it in full each month and not carrying balances.

After re-reading your question:

You won't qualify for this loan on your own. You are going to need a strong co-signer.

If that car is 5+ years, you may have to do a personal loan which carries higher interest rates. Starting at 16.99%

Oh, how dissapointed I am to see that you could not save up and buy this car for cash.

This is the same reply i had earlier than in your prior question, i'm going to just add a little bit more: in most states when promoting a used car, it's an AS-IS sale. Or the Latin announcing of Caveat emptor (buyer pay attention). It feels like he took the suitable steps to get the automobile checked out before purchasing it. It appears like a misfortune thing for him, but you must be satisfactory. Be certain to keep all the documents of the sale and whole the DMV paperwork quintessential on your state to ensure he would not are attempting something vindictive in opposition to you. I might take the precautionary steps and look in to your state legal guidelines concerning selling of autos and make sure you might be covered so the auto does not come again on a technicality. From the case you describe above Lemon legal guidelines have nothing to do with it. However each and every state as well has distinct Lemon legislation standards. I might additionally do an investigation into if your state has a cooling off interval. California has one that's purchasable from a seller on used automobiles handiest, however that may be yet another loop gap. It just all depends on your state legal guidelines.