What is the longest you can get a car loan for?

The longest average car loan that most reputable lenders will allow is no longer than 84 months, or seven years. Having a loan of this length can come with a few drawbacks that you may want to consider, such as: Cost of repairs.

Can you get a 7 year 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.

Can you get a car loan for 10 years?

Some lenders and credit unions, however, offer extended loan terms of anywhere from 96 months (eight years) to 120 months (10 years). Although the lower monthly payment may seem attractive, a decade-long auto loan could leave you paying for a vehicle that’s worth very little 10 years from now.

Can you get 84 months on a used car?

There’s no right or wrong length to finance a used car. The loan term that’s right for you can be as short as 24 months or as long as 84 months – it all comes down to your current financial situation and future plans for the vehicle.

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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.

Is 6 years too long to finance a car?

There’s really only one benefit of a long-term auto loan that spans six to seven years or even longer. The longer the car loan, the smaller the monthly payment. By taking out financing with an extended loan term, you can potentially buy a more expensive car and still stay within your monthly budget.

Which bank gives car loan for 7 years?

Compare Car Loan Interest Rate for All Banks

Bank Car Loan Interest Rates Lowest EMI per lakh for Max Tenure
OBC ⊕ Compare 6.65% Floating ₹ 1,492 for 7 years
Bank of Baroda ⊕ Compare 7.00% Floating ₹ 1,509 for 7 years
United Bank of India ⊕ Compare 8.60% Floating ₹ 1,589 for 7 years

Which bank gives car loan for 10 years?

With IDFC FIRST Bank, you have the flexibility to choose a tenure that suits your car finance budget. We offer tenure of up to 10 years, subject to certain conditions.

Can I finance a 2005 vehicle?

Typically, a bank won’t finance any vehicle older than 10 years, even if you have good credit. If you don’t have great credit, you may find it difficult to finance through a bank, even for a new car. But, banks are far from the last option when it comes to auto lending.

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Can you get a 8 year car loan?

Auto loans have gotten longer. Six- and seven-year loans are becoming an increasingly popular choice — and some lenders will even stretch out those payments eight years. And longer-term loans tend to have higher interest rates.” …

Is a 48 month car loan good?

“If you can afford it, go with 36-months. If not you could go with a longer loan, but know that you will likely pay more for the car than what it is worth. If you do go with a 48 or 60-month loan, you should pay extra whenever you can. This will help you pay off the loan early which will save you money in the long run.

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.

What banks do 84-month auto loans?

Compare the Best Auto Loan Rates

Lender Lowest Rate Terms
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
myAutoloan Best for Bad Credit 2.09% 24 to 84 months

Is 84-month 0% financing a good idea?

If your goal is to make a vehicle fit within your monthly budget, 84-month financing could be a compelling option. … Since vehicles lose value over time, some consumers may find that they may owe more than the vehicle is worth. If your circumstances change, negative equity can even impact the cost of your next purchase.

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What is the ideal credit score for a car loan?

In general, lenders look for borrowers in the prime range or better, so you will need a score of 661 or higher to qualify for most conventional car loans.