13 Feb Finance for Cars Older than 10 Years Now Available

Do you have your eye on a reliable older vehicle but been told by the bank it’s too old to finance? In South Africa, most banks and traditional vehicle finance houses won’t fund a car older than 10 years — the age limit is a hard rule for them. The good news: yes, you can still finance a car older than 10 years in South Africa — Loan Wave uses a personal loan instead of traditional vehicle finance, which removes the age limit entirely.

Borrow from R20,000 up to R350,000 to buy any car you choose — a 2009 hatchback, a 15-year-old bakkie, a classic Golf, a high-mileage Toyota — we don’t restrict by age, make, model, or odometer reading. Every loan is fully NCR-compliant under the National Credit Act and priced transparently in Rands.

Can You Finance a Car Older Than 10 Years in South Africa?

Yes — but not through traditional vehicle finance. South African banks (Wesbank, MFC, Nedbank Motor, Standard Bank Vehicle and Asset Finance, Absa Vehicle and Asset Finance) typically apply a 10-year age limit, calculated on the vehicle’s age at the end of the loan term. So a car already 8 years old can usually only be financed over 24 months, and most cars older than 10 years are declined outright.

A personal loan from Loan Wave sidesteps that rule completely. Because we lend you cash — not the car — the age of the vehicle is irrelevant to your application. You can finance:

• A 2009 or 2010 model (over 15 years old in 2026)
• A classic or vintage car
• A high-mileage car bought from a private seller
• A vehicle bought at auction
• A bakkie, scooter, motorbike or caravan

Which Banks Finance Cars Older Than 10 Years?

Most South African banks do not. The major vehicle-finance providers all use a 10-year age cap (sometimes 12 years, but capped on the age at end of term). What this means in practice:

• Traditional vehicle finance (Wesbank, MFC, Absa, Nedbank, Standard Bank): 10-year age limit, requires comprehensive insurance, the bank holds the title until paid off.
• Loan Wave personal loan: no age limit, no mandatory comprehensive cover, the car is yours from day one with no bank-held title.

If your dream car falls outside the banks’ rules — or you’ve been turned down by a bank because of credit marks — a Loan Wave personal loan is the practical alternative.

How to Finance a Car Older Than 10 Years: Step by Step

1. Find your car — from a private seller, a small dealership, or a car auction. Ask the seller for a roadworthy certificate and the latest service history.
2. Get an inspection done — for older cars we strongly recommend an AA Roadworthy or DEKRA pre-purchase inspection (around R600–R1,200).
3. Apply online with Loan Wave — submit your SA ID, 3 months’ payslips or bank statements, proof of address and your contact details.
4. Get approved in minutes — we do an NCR-mandated affordability check and credit assessment.
5. Funds in your account within 24 hours — we transfer the Rands to your SA bank account so you can pay the seller directly.
6. Drive home — the car is registered in your name, not the bank’s.

How Much Can You Borrow for an Older Car?

• R20,000 – R50,000 – older hatchbacks, scooters, high-mileage runarounds (e.g. a 2010 Polo or Corsa).
• R50,000 – R150,000 – mid-range used cars and family vehicles 8–15 years old (e.g. a 2012 Hilux or Avanza).
• R150,000 – R350,000 – premium older models, classic cars, or older luxury vehicles in good condition.

Vehicle Finance Age Limit FAQ

Can I finance a 2009 car for 72 months?
Not through a traditional bank (they will not approve a car that would be 22 years old at end of term). With a Loan Wave personal loan you can repay over up to 60 months on any car — the age doesn’t matter.

Is there a vehicle finance age limit in South Africa?
For traditional vehicle finance, yes — almost every SA bank caps the car’s age at end of loan term at 10 years (some at 12). For a personal loan there is no age limit on the vehicle.

Do I need comprehensive insurance for a Loan Wave personal auto loan?
We don’t require it, although you should consider at least third-party cover. Without a bank-held title, you have full discretion over the insurance level.

Can I get an auto loan with bad credit?
Yes. Loan Wave specialises in approving applications that traditional banks decline, including borrowers with judgments, paid-up defaults or limited credit history. Read more on getting a loan with bad credit.

Will the car be in my name?
Yes — because the funds come to you as a personal loan, the vehicle is registered in your name from day one. There is no bank-held title or finance house listed on the NaTIS papers.

Related Reading

• Auto Loans & Vehicle Finance in South Africa — the full Loan Wave auto loan service page.
• Is using a personal loan for vehicle finance wise?
• You saw an old car you like — you can finance it here
• Best ways to improve your loan application success