Can you get a car loan for 10 years?

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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Keeping this in consideration, are 7 year car loans bad?

Stretching your loan term to seven or even 10 years is probably too long for an auto loan because of the interest charges that stack up with a higher interest rate. To illustrate, say you take on a $10,000 car loan for seven years with a 13% interest rate (a common rate for bad credit borrowers).

Likewise, people ask, can you finance a car for 144 months? While extended loan terms of up to 144 months are possible, traditional auto loan terms (48 to 84 months) are still the norm. Loan-to-value ratio of 80%. While exotic cars have a greater chance of appreciating over time compared to a normal passenger car, lenders like to see a 20% down payment.

Moreover, can you finance a car for 24 months?

Car loans come with a few options. … Consumers are typically able to choose between 24- to 72-month loans. The major difference between the terms is the amount of interest you will pay, and the dollar amount of your payments. Shorter loans will come with less interest over the term and have higher payments.

Can you get a 30 year car loan?

If you finance a new vehicle for longer than 60 months, your loan may be considered a long-term loan agreement. For used vehicles, financial experts often recommend sticking to a car loan term of 48-months or less.

Can you go 7 years on a car loan?

And one thing driving this trend is dealers offering car loans with seven-year terms. A seven-year car loan means lower monthly payments than a three- or five-year loan. … A third of all new car loans now have terms longer than six years, according to the credit reporting company Experian.

Do dealerships finance 84 months?

What is an 84-month auto loan? Car buyers who can’t afford or don’t want to pay the entire cost of a vehicle in cash can turn to auto lenders to get the financing they need. Depending on the lender, terms can range from 12 to 84 months, or even longer for certain types of vehicles.

How long can you finance a 6 year old 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.

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 5 years car loan too long?

The average life of a car is about 9.4 years, so a loan of more than 5 years can leave you unable to sell for most of the car’s life.

Is 72 months too long for a car loan?

The most common term currently is for 72 months, with an 84-month loan not too far behind. In fact, nearly 70% of new car loans in the first quarter of 2020 were longer than 60 months — an increase of about 29 percentage points in a decade. The trend is similar for used car loans.

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 a high car payment?

According to experts, a car payment is too high if the car payment is more than 30% of your total income. Remember, the car payment isn’t your only car expense! Make sure to consider fuel and maintenance expenses. Make sure your car payment does not exceed 15%-20% of your total income.

What’s the longest auto loan term?

84 months

Will banks finance cars with over 100k?

Can I Finance a Vehicle With Over 100,000 Miles? Yes. Some banks will finance vehicles with high mileage because they understand that vehicles last longer than they used to.

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