Auto loans over 60 months are not the best way to finance a car.
And yet, 43.5% of new-car buyers in the third quarter of 2015 took out loans of 61 to 72 months, according to Experian.
If you bought a 3-year-old car, and took out an 84-month loan, it would be 10 years old when the loan was finally paid off.
How long can you finance a 10 year old car?
Typically, a bank won’t finance any vehicle older than 10 years, even if you have stellar 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.
Can you get an 8 year car loan?
Car Loans Stretch Out To 8 Years, Costing Buyers More. Six- and seven-year loans are becoming an increasingly popular choice — and some lenders will even stretch out those payments eight years. The average new car loan in the fourth quarter of 2012 was 65 months, according to Experian Information Solutions.
How long can you get car loans for?
That means you’ll find available loans of 24 months, 36 months, 48 months, 60 months, 72 months and 84 months. The average new car loan is around 65 months, or more than five-and-a-half years, while the average used car loan is shorter.
Photo in the article by “Pixabay”