One of the longest car loan terms available is generally a 96-month car loan — except not every lender will offer them, and specialty lenders may have other, longer terms available. If you’re in the market for a low monthly payment, an eight-year-long car loan can provide this; although you may want to compare lenders.
How long is car financing usually?
The most common term currently is for 72 months, with an 84-month loan not too far behind. In fact, over 73% of new car loans in the first quarter of 2022 were longer than 60 months — an increase of about 33 percentage points since 2010.
Is it smart to do a 72 month car loan?
Is a 72-month car loan worth it? Because of the high interest rates and risk of going upside down, most experts agree that a 72-month loan isn’t an ideal choice. Experts recommend that borrowers take out a shorter loan. And for an optimal interest rate, a loan term fewer than 60 months is a better way to go.
Can I finance a car for 84 months?
Advantages of an 84-Month Car Loan
That’s about a $7,200 increase in price for cars and SUVs in 2022. An 84-month loan can help you hit your goal for your monthly payment, even if you exceed your expected purchase price, since spreading out the price over more time can create smaller monthly payments.
What is the longest a bank will finance a car? – Related Questions
What is a good interest rate for a 72-month car loan?
The average 72-month auto loan rate is almost 0.3% higher than the typical 36-month loan’s interest rate for new cars.
Loans under 60 months have lower interest rates for new cars.
| Loan term |
Average interest rate |
| 60-month used car loan |
4.17% APR |
| 72-month used car loan |
4.07% APR |
Is it smart to finance a car?
Is financing a car worth it? Financing a car is worth it if you can get a rate below four percent for a new car or seven percent for a used car. Paying the car off in three or four years instead of five or six years is also better in the long run.
Does Chase Bank do 84-month auto loans?
These 0% APR financing deals may also come with set loan terms — the most common being 60, 72, and 84 months — which can be a longer loan term than you’re willing to commit to.
Does BMW finance for 84 months?
Common terms range from 24-84 months.
Can you get a 7 year car loan?
If you’re shopping for a new or used car, you may consider taking out an 84-month auto loan, which is a term of seven years. Before you go this route though, you should understand why this kind of loan can be risky — and whether alternative financing might be a better option.
Does GM financial offer 84 months?
84-month financing is available through General Motors on select makes and models, potentially offering a way for new car buyers to lower their monthly payments and take advantage of promotional APR deals. The downside is that not everyone may qualify for this offer through GM Financial.
What credit score do you need for 0 financing?
Zero percent financing deals are generally reserved for borrowers with excellent credit — typically classified as a credit score of 800 and above. You’ll want to review your credit reports on your own before you start shopping for auto financing.
What is the average interest rate on a car loan with a 700 credit score?
What interest rate can I get with a 700 credit score for a car? Having a 700 credit score puts you in the “prime” category for borrowing. According to Experian, the average rates for this category are 3.51% for new-car loans and 5.38% for used-car loans.
Does GM finance for 96 months?
Maximum term of 72 months: You can only take out a loan for up to 72 months. Other financial institutions may provide 84-month options. Only available for purchase from dealerships: If you find a car you want to finance that’s not at an approved GM dealership, you won’t be able to use GM Financial.
Does Toyota offer 96 month financing?
You can finance your vehicle for up to 96 months to keep your payments manageable. Choose monthly or bi-weekly payments. Choose your monthly payment date. You can defer your payments.
What credit score do you need for Chevy financing?
“Chevy Financing is one of the most lenient lenders you’ll find. In general, they’ll work with you as long as your credit score is 550 or higher. Keep in mind that you’ll still have to show proof of income and have a satisfactory debt-to-income ratio to guarantee financing.
Can you finance a vehicle for 96 months?
What’s the longest you can finance a car? While the typical car repayment term is 72 months, the range of repayment terms can be as short as 12 months and as long as 96 months, though not all lenders will provide the shortest- or longest-term options.