Old Second Bank Auto Loan: CARFAX Policy, 2019 Model Year Limit and Posted Rates

Old Second says nothing about CARFAX or AutoCheck, but its auto loan offer has firm age and mileage limits. The posted terms, two odd spots on the page, and what to ask.

CheapCarfaxAutocheck Editorial Team

Vehicle History Research Team

Old Second Bank doesn't mention CARFAX, AutoCheck or vehicle history reports anywhere on its auto loan pages, so nothing I found says it requires one. What it does spell out is tighter than most banks: as of Oct 19, 2026, the posted auto loan rate starts at 6.490% APR on a 36-month term, and the car has to be a 2019 or newer model with no more than 125,000 miles. If you're shopping for anything older, this offer won't cover it, and the history check is on you either way.

This is Old Second National Bank, the Chicago-area bank that bills itself as "Local Banking Since 1871." I read its auto loan page, its rates page and its required-documents page on Oct 19, 2026. I didn't apply or call a banker, so anything that isn't on those pages is a question to ask, not a fact.

What the rates page says, as of Oct 19, 2026

Rate: auto loans "as low as 6.490%" APR, based on a 36-month term. The maximum rate for the offer is 9.49% APR.
Minimum loan: $2,500.
Loan to value: 90% of dealer invoice on new cars, or up to 90% of the NADA Clean Trade-In value on cars five model years old or newer. Six-model-year-old cars get 85% of NADA Clean Trade-In.
Vehicle limits: model year 2019 or newer, and mileage not over 125,000.
Example: $20,000 for 36 months at 6.490% on a new 2026 car from a dealer works out to about $612.80 a month.

Two things on that page made me pause. The line "Rates current as of" is followed by a blank where the date should be, so you can't tell how fresh the 6.490% is. And the age rules don't quite line up. The loan-to-value terms stop at six model years old, but the collateral rule reaches back to 2019, which is seven or eight model years depending on how you count today. Ask how they lend on a 2019 or 2020 car before you assume it's covered at 85%.

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What that means for a used car

The rate page is clearly built around newer cars. NADA Clean Trade-In is lower than retail, so on a dealer car priced near retail, 90% of trade-in can leave you putting real money down. Say a five-year-old car is listed at $24,000 and its clean trade-in figure is $19,000. Ninety percent of that is $17,100, which leaves almost $7,000 to cover in cash or trade. That's my arithmetic on made-up numbers, not a quote, but the gap is the point.

The auto loan page itself talks about "a new car, or simply one that is new to you," quick in-branch approvals and autopay, and says you can apply at a branch or online. I didn't see anything about private-party purchases, refinancing or title brands. Our guide to bank rules on rebuilt-title loans is the place to start if the car you want has one.

How Old Second compares

For context, Experian's latest quarterly data, still Q2 2026 when I checked, put the average used car loan at 11.19% APR. By credit tier, used car averages ran 6.29% for super prime borrowers, 8.81% for prime, 13.93% for near prime, 19.10% for subprime and 21.62% for deep subprime. Old Second's floor beats the national average for most people, and the 9.49% ceiling on the offer suggests it's aimed at stronger credit, though the page doesn't say who qualifies for what.

If you're comparing Midwest banks, we've covered Associated Bank, BMO and Old National the same way. Illinois buyers should also price in the tax, which our Illinois used car sales tax guide covers.

Questions to ask the banker

Which date are the posted rates current as of?
Do you lend on a 2019 or 2020 car, and at what percent of NADA?
Can I use this loan for a private-party sale?
Will you finance a car with a rebuilt or salvage brand?
Does the rate change with the term, and is anything longer than 36 months available?

Running the history check yourself

A lender cares that the car is worth the loan. It isn't checking whether the car was flooded in another state or had its odometer rolled back. So, before you sign, run the VIN through NMVTIS for title brands, then pull a CARFAX report or AutoCheck for accidents, owners and mileage. A bad title found after you've borrowed against the car is your problem, not the bank's.

CarVins resells CARFAX and AutoCheck reports under license and isn't affiliated with CARFAX, AutoCheck, Experian or Old Second Bank. As of mid October 2026, reports ran about $5.50 as a guest, $4.50 for members and $6.75 for the two together, versus roughly $39.99 to $44.99 at retail. Those figures can change, so look at checkout for today's price.