Auto manufacturers often offer 72-month auto loans as a “sweetener” for a vehicle sale, but they’re often tied to specific vehicles. Even without the vehicle incentives, 72-month loans are common for trucks and SUV’s that have large price tags. High-interest rates and high price tags go hand-in-hand, so if you can afford it, these loans can be worth your while, but with such long terms comes great responsibility and sometimes a sky-high set of monthly payments.
When to Consider a 72-Month Auto Loan
The majority of 72-month car loans come with subprime interest rates over 15%. You can borrow over $50,000 from your bank or lender at this interest rate and length, which is often pretty easy to pay off if you’re up to it. However, these offers are the first step in a path to struggle to pay off a vehicle loan seriously as far as we are concerned. Because the car or truck has a high initial value and is a depreciating asset, the number of dollars that you’ll be paying off at monthly intervals will also increase. Fewer dollars each month on an 84-month loan will lead to more money over the long term.
If you get hospitalized for some reason and can’t work, there is little chance that you’ll have enough money to cover your monthly auto payments and still make it home from the hospital. Even worse, if your car is repossessed for some reason, you may have no way to get back home. When it comes down to it, if you’ve already made up your mind to purchase a new or used car, there are plenty of lenders out there that will provide you with an auto loan or cosigner who sets your payment terms something more reasonable.
Unfortunately, these changes mean that you are not guaranteed a new vehicle with a low standard interest rate and lengthy auto loan term. You will be making smaller monthly payments on “find market pre-owned cars near me,” however your total due at the end of 72-months will be significantly increased over a shorter-term loan (48-months). In light of this information, I must advise against 84-month auto loans unless necessary. To learn more about both types of financial agreements, visit.
Risks of a 72-Month Auto Loan
72-months take the “auto loan” part out of the situation, but if you have a job and plan to work for quite a while longer, then a longer car loan can be a good idea. Lengthy auto loans are not anything new and aren’t subject to different rules than those in place. If you are planning to stay at this job for many years, buy a car you like and want, and pay for the major parts of the payments themselves, there will be no point in a 72-month auto. If you plan to leave this job in two or three years, there may not be enough time to pay off the entire loan before then. The answer may come from calculating the monthly payment on a 210-month loan with a standard interest rate before looking at the price tag on an 84-month car. If you have a stable job and need backup transportation over the next 6-18 months, get a small loan from a bank or local lender in your area.
Alternatives to a 72-Month Auto Loan
72-month auto loans can impact your life in two major ways. First, if you buy a vehicle that you want to keep for longer than six years, it may be worth your while to get an auto loan. The same is true if you purchase a costly car or truck because less money will come off the monthly investments spread out over more time. Think of it as a smaller final payment on a larger car loan amount.
How to Apply for a 72-Month Auto Loan
As the world’s leading low cost online auto financing option, we can show you how to apply for a 72month car loan. If you choose to finance your vehicle through us, you will not have to pay high-interest rates or be limited on options because we are a direct lender and don’t require any credit check when you apply. When you use our application process, your payment fluctuates up and down depending on your personal financial situation when you lock in your rate.
What are the documents required to Apply for a 72-Month Auto Loan?
To apply for a 72-month car loan, you will need to have a successful checking account, have good credit, and be 18 years old or older. All of these items are needed for the application process and will be verified through our lenders.
You will need to supply the following documents to finish your application: A valid Driver’s License Complete Work Information Name change documents if you have recently gotten married, divorced, or had any children in the last 2-years