An 84-month auto loan can mean lower monthly payments than you’d get with a shorter-term loan. But having as long as seven years to pay off your car isn’t necessarily a good idea. You can find a number of lenders that offer auto loans over an 84-month period — and some for even longer.
Also know, does Chase offer 84-month auto loans?
Chase auto loans range from $4,000 to $600,000 with repayment terms that range from 12 months to 84 months. You can apply for a loan to purchase a new or used car from a dealer. … And depending on your credit history, the starting auto-loan interest rates that Chase offers are competitive with other lenders.
Correspondingly, 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 2.9 percent financing good?
Dealerships will often advertise very good interest rates on new cars: 2.9%, 1.9%, sometimes even 0%. What they leave in the fine print is that these rates are only available to buyers with the best credit—that may mean a FICO score of 750 or better.
Is it hard to get a chase auto loan?
Chase doesn’t require a minimum credit score for its auto loan program. However, that doesn’t mean everyone will qualify. Generally speaking, it may be hard to get financing from Chase if you have a poor credit score.
What credit score do you need for a chase auto loan?
What do you need to qualify for Chase Auto Finance? Applicants with a credit score of at least 650 and up to 850 may be eligible for Chase Auto Finance. The minimum age to be eligible is 18 or the state minimum, whichever is higher.
What is a good interest rate for 84 month car loan?
Compare the Best Auto Loan Rates
| Lender | Lowest Rate | Terms |
|---|---|---|
| PenFed Credit Union Best Overall | 0.99% | 36 to 84 months |
| 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 |
What is an ideal APR for a car loan?
As of January 2020, U.S. News reports the following statistics for average auto loan rates: Excellent (750 – 850): 4.93 percent for new, 5.18 percent for used, 4.36 percent for refinancing. Good (700 – 749): 5.06 percent for new, 5.31 percent for used, 5.06 percent for refinancing.
What is the average interest rate on a car loan with a 750 credit score?
Why you should not finance a car for 84 months?
The higher your interest rate, the more you’ll pay. What’s more, 84-month car loan rates tend to be higher because longer terms are riskier for lenders. Depreciation. On average, a new car can lose more than 10 percent of its value within the first month after you drive it off the lot, according to Carfax.