Quick Answer: Can You Finance A 2015 Car For 72 Months?

Is 72 month financing bad?

Auto loans over 60 months are not the best way to finance a car because, for one thing, they carry higher car loan interest rates.

Experian reveals that 42.1% of used-car shoppers are taking 61- to 72-month loans while 20% go even longer, financing between 73 and 84 months..

How long can you finance a 2015 car?

Every lender chooses where to set the minimum and maximum loan term allowed for used car financing. 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.

Why is a 72 month car loan bad?

Benefits of 72-Month and 84-Month Auto Loans 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. It’s a horrible way to buy a car, but many people take the risk and do it.

How long does it take to get auto financing?

Getting approved for a car loan can be instant, or it can take up to a few days, depending on what type of lender you choose, your personal finances and the type of car you’re interested in buying. As a guideline, it usually only takes 10 to 15 minutes to complete an online application.

Is a 48 month car loan bad?

Yes, there could be several. (1) You will generally pay less interest on a 36 or 48 month loan than you would on a 60 (assuming that we are not talking about 0% interest deals here). So, while your payments will be higher the shorter the term, your total interest paid will be lower.

What time of year is best to buy a car?

Christmas Eve, New Year’s Eve, New Year’s Day Many car-buying experts say the best day of the year for car buying is the very last day. Monthly, quarterly, and annual sales targets all converge on Dec. 31, so great deals abound.

How many days does a dealership have to find financing?

One article we found high in Google suggested there was a rule/law (The 10-Day Rule) that forced dealerships to either approve or deny financing to car buyers within ten days upon written notice.

Is 0 for 84 months a good idea?

Here, opting for 0% financing would result in a lower payment. While a shorter loan has a lower total cost, the payment ends up being $235/month more expensive. If your goal is to make a vehicle fit within your monthly budget, 84-month financing could be a compelling option.

Can you finance a used vehicle for 72 months?

A 72 month used car loan should not be your first choice. You will pay a higher interest rate for this long-term loan than you would for a three- or five-year loan. This is because the longer loan term means there is a longer time period for which the lender is at risk for having loaned you the money.

Is 0 for 72 months a good deal?

A good rule of thumb is to make at least a 20 percent down payment on a car to avoid financial insecurity. Another way that zero percent financing can be a bad deal is if it’s just too long of a loan. Sometimes these deals stretch out for as much as 72 months or six years.

How do you know if you will get approved for a car loan?

Here’s what you need to know.Make Sure You Have Good Credit. … Have a Source of Income. … Be Able to Prove Your Identity and Residence. … Consider Getting Preapproved. … Have a Down Payment or Trade-In. … Understand How Financing at a Dealer Works. … Qualifying for a Car Loan With Bad Credit. … Work on Your Credit Before Applying.

How many times do dealerships run your credit?

Essentially by signing a car loan application, you are giving the dealership a “permissible purpose” to run your credit multiple times. The good news is that credit inquiries that occur when you are “rate shopping” should only count as ONE inquiry as far as your credit scores are concerned.

What is the oldest year car you can finance?

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.

What is the average interest rate on a 72 month car loan?

4.45%Average Interest Rates by Term LengthAuto Loan TermAverage Interest Rate36 Month4.21%48 Month4.31%60 Month4.37%72 Month4.45%

Is it better to finance a car through a bank or dealership?

The bank’s main advantage is that it doesn’t mark up its interest rates. Since you’re dealing directly with the lender, there’s no middleman — the dealer — and the rates are likely to be better. But the bank does suffer from a few disadvantages. In many cases, dealer quotes on interest rates are negotiable.