What should be the minimum age of a salaried individual applying for a Used Car Loan?

For a salaried person, often, they must be around 21 years old to apply for a used vehicle loan. Some lenders may set the age for applying a little older at 23 or 24 years old. There's not only the age but some other qualifications to also be considered - employment history for a minimum of a year, where the salary income source is reliable. Most lenders will have an age cap, the maximum age at the end of the loan period set at either 65 years old or 70 years old.

For the lender to make sure, you will still be employed, they want to support you paying off the lending amount completely, before you surpass the age cap. Age will be just one of many types of criteria they will be looking for when considering your application. Always check with the lending institution to see what the policy on age for your application process. If the age requirement is not satisfied the lending application will not be successful.