Hi all, I've tried googling but could not get an answer. For car loan, banks typically will allow for loan if the car is not older than how many years? For eg. a car is manufactured in 2012 but registered in 2013, will the bank still provide loan for it? normally how many years? Thanks.

15 - age of car (from year of manufacture) = No. of years of loan you can still get from the bank.

E.g.: Car manufactured in 2012, that makes it 10 years old in 2022. Bank will allow a max of 5 year loan on it.

Source: From previous exp buying used cars.

This post has been edited by xandras: Jan 8 2022, 11:16 PM

if not mistaken 5 or less years bank will allow max 9 years. 5 to 9 years max 5 years. i could be wrong.

Age of vehicle + financing tenure = 15 with the financing tenure capped at max 9 years

In your situation it would be 5 years financing tenure as your vehicle is 10 years old

If your vehicle is only 2 years old, you get to finance up to 9 years

bank depend on buyer profiles.
my friend specialist in Pantai, his old 18 year old SL can get loan ...

Tumpang...how about age of lender? Any maximum age?

not above retirement age (usually 60).

so, if the lender is 57 year old this year, bank will approve 3 years only.... unless can pledge FD or have strong guarantor (usually children).

thanks

thanks all

Max age of borrower is 60 even if you have income. Above 60 you need a guarantor. Only spouse or children are accepted as guarantor.

Banks give loans for cars that aren't too old, like maybe years max. They do this because older cars might not be worth as much and could have more problems. If you're asking about a car made in 2012 but registered in 2013, most banks look at when it was made. But you might find some banks that are okay with when it was written instead.

also depends on the brand of car.

When it comes to financing, lenders typically have a cut-off for the age of vehicles they're willing to finance, often setting the limit at around ten years. This policy is in place to mitigate the risk associated with older vehicles' depreciating value and potential mechanical issues. When determining a car's eligibility, the year of manufacture is generally the deciding factor for most financial institutions, though there are exceptions where the registration date may be considered.

I had a similar thing happen to me. I needed money for a car that was almost too old for a loan. That's when I found out about the gadai bpkb motor. They helped me out quickly, in just a day. The interest they charged was correct, 0.7% to 2%. They also let me choose how long I wanted to repay the money.

This post has been edited by shidie6990: Feb 6 2024, 04:13 PM