Can you get a 96 month car loan?

Can you get a 96 month car loan?

Some car dealerships and credit unions offer even longer terms for auto finance, like a 96-month car loan. Extending loan terms lets car buyers get what they want while staying within their monthly budget, according to Melinda Zabritski, Experian’s senior director of automotive finance.

Is a 96 month car loan bad?

Disadvantages of 96-month auto loans Increase the chances of being upside down longer – You increase the chance of having negative equity in the car for a longer period of time. This can be a problem if your car gets totaled, breaks down, or you decide you want to sell or trade it in before the term is up.

Is 7 years too long for a car loan?

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.

What is the longest time you can finance a car?

The trend for longer auto loans means some consumers can qualify for financing up to 96 months, or eight years, should they want it. The average loan term, meanwhile, stands at almost 69 months for new and 65 months for used vehicles, according to Experian data for the start of 2019.

Why is a 72-month car loan bad?

According to Cars.com, “lengthier car loans require banks to take on more risk, so interest rates are typically higher” with long-term loans. Many buyers with 72-month or 84-month car loans run the risk of making monthly payments for a bad vehicle. For most shoppers, it’s important to consider the long-term investment.

Is a 72-month car loan bad?

A 72-month car loan can make sense in some cases, but it typically only applies if you have good credit. When you have bad credit, a 72-month auto loan can sound appealing due to the lower monthly payment, but, in reality, you’re probably going to pay more than you bargained for.