The best idea is to speak with either your credit union or bank for this answer because rates will vary. of course, the length of the loan should depend on what type of car you're interested in and how much money you can afford to put down. if $10,000 is too high of an amount then 30 months would be advisable. even that may seem like a long time but it goes by quickly and if done right that monthly payment could actually be lower than it would be after financing for 72 months at something like 5% interest rate. visit jdpower free auto calculator tool for more information about estimating your monthly payments given different amounts financed.
if five-percent seems too high, there are other options available
can you finance a 2015 car for 72 months?
a 72-month loan is a long time for such a commitment.
you can finance a new car now for as few as 48 months, which is the shortest period of time available. if you're worried about interest rates going up and having to pay more per month on your loan, rather than committing to 3 years (which would be 60), commit to only 2 and revisit the issue in half a year if necessary – most people with great credit don't experience major fluctuations with their rates over this length of time.
lenders work on commission, so they want to make their money back quickly, especially because it costs them dearly (time). the longer your term, the less chance that you'll change cars before
will a dealership finance an older car?
the average age for a car these days is 11.8 years; people are now holding cars on average six years longer than they used to only a decade ago. unfortunately, that means that your chances of qualifying for financing are very low. if you're applying with the dealership where you bought the vehicle, they may make an exception if you can prove longstanding relationship and strong payment history; but ordinarily it doesn't work like that. so unfortunately but realistically there isn't much hope unless someone else will co-sign or take out a loan with you — which sounds unlikely! keep in mind also that car values decrease dramatically after 10 years of service, which means it's unlikely anyone would want to purchase your car with equity at this
what is a good interest rate for a 72 month car loan?
if you've decided to buy or lease a new vehicle this is likely the amount of time you'll want your monthly payments to be spread out over. purchasing at 72 months will let you stretch your payments to 10 years, which helps improve affordability and keep the payments relative lower than they would be for shorter terms.
at nearly 8%, it may seem like financing is expensive, but that doesn't take into account the benefits that occur with extended loans. including things like trade-in allowances, acquisition offers… t may seems like something more costly now
