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Most of the first page of results for “high mileage auto refinancing” will take you directly to sign-up pages for online quotes. This is all well and good, except that every single one of them lists restrictions on the age and/or mileage of the vehicle. They don’t actually offer high mileage auto refinancing at all!

If your vehicle is pre-1997 and has travelled more than 80,000 miles, you may as well forget it. They advertise themselves under “high mileage auto refinancing”, but anyone who thinks 80,000 miles is “high” needs to get out in their auto more often!

These businesses prey on the desperation people feel when looking at the choices for those who need to refinance older vehicles.

Then, just about every other entry is someone who is basically saying “Don’t buy that high mileage auto - we will finance you into a newer one …”

In other words, buy the auto we think you should buy, because that is the kind of auto we like to finance. I mean, where do these people get off?

If you have chosen to buy a high mileage auto, that is your choice, and if you need to finance the purchase, then no amount of wishing will magically make the vehicle younger or less well-travelled!

If you have an older vehicle, or one with higher mileage, you have it for good reason, and if you need to refinance it, there is no getting away from that situation.

We won’t try to snow you - high mileage auto refinancing is tricky.

The thing about high mileage auto refinancing is that ordinary auto finance depends on the lender’s ability to repossess the vehicle and sell it if you stop making payments. Sure, even with a new car there is often a balance left owing after that happens, but with an older car, or one with higher mileage, there is greater chance of a value-destroying major breakdown or repair happening with the repossessed vehicle, making high mileage auto refinancing much risker for the lender.

The lenders are covering their butts, which is their job, and saying that high mileage auto refinancing is a risk they are not prepared to take.

However, all is not lost. High mileage auto refinancing may still be possible.

What you need to do to obtain high mileage auto refinancing is come up with an alternative form of security for the lender - and this may even mean changing lenders completely, and moving away from the standard auto finance lenders.

Your best option for high mileage auto refinancing, if you can work it, is to use the banker’s favorite form of security - real estate. If you own your home, and you have been paying your mortgage for a few years, the chances are that you have some equity in your home. All you need to do in that case is to refinance your home, using a cash out refinance, and then pay for your auto with cold, hard cash, instead of frantically searching for high mileage auto refinancing.

You can completely escape the headache of high mileage auto refinancing with this little trick!

If you have an existing auto loan on an older or high mileage vehicle you have owned for a while, and you are wanting to use high mileage auto refinancing to get a lower interest rate, or because there is a balloon payment coming up, then you are in an even better position, because you can tap in to the huge debt consolidation market.

Lenders will fall over themselves to help you roll your auto loan, credit cards, personal loans, and anything else you can imagine into a single refinanced mortgage on your home.

And if you don’t own property, or you are already mortgaged to the limit, but you need high mileage auto refinancing?

It’s not as straightforward as a cash out refinance or debt consolidation refinance, but depending on your situation you may be able to swing high mileage auto refinancing via an unsecured personal loan instead.

The lender will look at your income and expenditures, and any assets you may have. Combined with your credit rating, this will determine how much you can borrow as a straight personal loan.

There is a reason why high mileage auto refinancing is difficult - a high mileage auto does not make good security for a loan!

You can get around the problems of high mileage auto refinancing by providing your lender with alternative security, either in the form of property, or by providing evidence that you can manage the high mileage auto refinancing as a personal loan. What you are not likely to be able to do is get high mileage auto refinancing from a traditional vehicle finance lender.