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3.5 years

Zuto is a credit broker, not a lender. Our rates start from 8.9% APR. The rate you are offered will depend on your individual circumstances. Representative Example: Borrowing £9,000 over 60 months with a representative APR of 20.9% the amount payable would be £234 a month, with a total cost of credit of £5,047 and a total amount payable of £14,047.

Zuto Limited. Registered in England under number 05722976. Registered office: Winterton House, Winterton Way, Macclesfield, Cheshire SK11 0LP. Zuto Limited is acting as a broker and not as a lender. Authorised and regulated by the Financial Conduct Authority, registration number 452589. Zuto can introduce you to a limited number of finance providers, based on your credit rating, Zuto won't charge you anything for this service, but do get a fee from the lender which varies based on the product or amount borrowed.

How old can a used car be to finance?

If you’re looking to buy a used car through finance, it’s worth finding out what kind of cars can be covered.

If you’re thinking ‘how old can a used car be to finance?’, the answer is cars of no more than 10 years of age with mileage of no more than 100,000 are about the limit for finance agreements. For a standard car loan, however, vehicles closer to seven years are more commonly accepted. There are lenders on the market, nonetheless, who will specialise in finance agreements for older cars.

Exceptions to the rule

It’s always worth getting in touch with lenders when you find a vehicle older than 10 years for which you’re seeking finance, because there may be exceptions to the rule. If you’ve got your heart set on a classic car, for example, or just a car that’s older than 10 years, they may be willing to work out an agreement for you.

Financing a classic car

If you’re looking to obtain a finance agreement for a classic or vintage vehicle, while conventional car loans are not the best option, finance isn’t impossible to find. There are a number of lenders who offer specialist finance for classic cars, allowing car buyers the option to purchase their dream vintage vehicle.

Walking the line

While used cars are often a much more affordable option for many car buyers than buying brand new, it’s worth bearing in mind that the older a car is, the more difficult it may be to secure finance or an extended warranty.

Advantages of used cars

There are multiple advantages for car buyers in choosing a used vehicle over a brand new one for their purchase. The cost of a new car is considerably more and you may be limited in terms of make and model, or even additional features, due to what you can afford. With the lower price of used cars, you can often obtain a far better car than you could if you bought new.

In the first two years of owning a new car, the vehicle will depreciate in value by 20 to 30%. If you buy a used car, someone else will take the hit, as vehicles that are used do not depreciate anywhere near as rapidly.

Cars that were used or second hand were once considered to be inferior or possibly faulty, but this is no longer the case, with many owners trading in their vehicle after two to three years. Many lenders today offer extended used car warranties, offering those buying used cars a measure of protection in the event of mechanical or electrical failure.

Regular servicing

If you do decide on an older car for your purchase, it’s important to keep your vehicle running as efficiently as possible. Make sure you get your vehicle serviced regularly and change the engine oil twice a year as a minimum. Over time, engine parts will get worn and this essential oil keeps everything lubricated so that the engine doesn’t harm itself. An engine that runs efficiently will also save you money on your fuel costs.

Financing older cars

As experts in the auto industry, at we are proud to provide a resource for car buyers. If you are looking for a finance agreement for an older car or specialist vehicle, you can get in touch and arrange a call back. We’ll endeavour to find you a suitable lender wherever possible.

Other related FAQs

Looking for more related content to this? We’ve picked a selection of related topics that you may find helpful

Don’t worry if you can’t remember who your car finance is with. You can find out by checking your paperwork, looking at who you make your payment to through your bank, or calling the dealership you bought your car from.

In general, you cannot simply transfer a car finance agreement to someone else. However, there may be other options available to you that meet your needs.

Yes, certain lenders will consider offering finance for a vehicle that is sold privately.

Yes, you can refinance your car loan. However, you should carefully assess the pros and cons of doing so before you make a decision.

Car finance is a loan – but it’s one that’s often secured against the vehicle you’ve decided you want. As such, it’s often viewed a little differently to a personal loan – which is not secured against anything.

Your ‘settlement figure’ is the amount that the car finance company require to pay off your finance in full. Since this changes as interest is added and as payments are made, requested settlement figures are usually only valid for a short time.

Under certain circumstances, you can claim the cost of a car as a capital allowance, meaning you can deduct some of the vehicle’s value from the profits of your business before paying tax. However, strict criteria apply.

Car finance companies don’t usually contact employers to assess eligibility. However, in some circumstances, they might.

The number of years banks will finance a used car for depends on the particular agreement you enter into. Usually, agreements are available for terms of between 12 and 60 months.

Lying on a car loan application is a form of fraud and is illegal. If you’re found to have done this, you could face prosecution and you may find it harder to get credit in the future.