Six- and seven-year loans are becoming an increasingly popular choice — and some lenders will even stretch out those payments eight years. These long-term loans allow buyers buy the vehicle they want with the monthly payments they can afford. … And longer-term loans tend to have higher interest rates.”
Also know, can I get a 72 month car loan?
Luckily, a wide range of financing options is available. Long term auto loans, such as 72 months in length, offer buyers an opportunity to pay lower monthly payments, which can be a very attractive option. However, this type of financing might not be right for everyone.
Just so, how old of a car can I finance for 84 months?
Generally, the longest loan term you’ll find is seven years, or 84 months. There are, however, some lenders that will extend used car financing to 92 or 96 months, or up to eight years. In 2018, 55% of new car loans originated were for 84 months.
Is 5 years car loan too long?
But a five-year loan often has a monthly payment that is too high for them, and they end up financing for a longer term even if it costs them more down the line, Zabritski said. … In fact, there are many reasons why you shouldn’t choose a long car loan. Edmunds recommends a 60-month auto loan if you can manage it.
Is 6 years too long to finance a car?
Many experts believe that once an auto loan passes five years (60 months), the benefits of the longer term are outweighed by potential problems, so that means any loan that lasts for more than five years would be a long-term auto loan.
What banks do 84-month auto loans?
Compare the Best Auto Loan Rates
| Lender | Lowest Rate | Terms |
|---|---|---|
| LightStream Best Online Auto Loan | 2.49% | 24 to 84 months |
| Bank of America Best Bank for Auto Loans | 2.14% | 12 to 75 months |
| Consumers Credit Union Best Credit Union for Auto Loans | 2.24% | 0 to 84 months |
| Chase Auto Best for Used Cars | Not Advertised | 12 to 84 months |