Can I get a loan for a car older than 10 years?

Getting a loan for a car that is more than 10 years old is possible. But it could sometimes be challenging. Most lenders grow cautious once a vehicle crosses this age because its resale value tends to fall and repair risks rise with time. As a result, many lenders set a firm age limit at 10 years, while a few may allow slightly older cars on a case-by-case basis.

The decision usually rests on the car’s condition rather than its age alone. Lenders check the registration certificate, mileage, service records, and overall condition during inspection. A vehicle that has been well maintained, has clear ownership records and shows no signs of major repairs stands a better chance. Cars with frequent insurance gaps, heavy wear or unclear history often face rejection or a much lower loan amount.

Older diesel vehicles may face extra scrutiny, especially in cities with strict emission norms. To improve your chances, be prepared to pay a higher down payment and keep service and insurance documents ready. Addressing small issues before inspection can also help move things forward.