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Should I get a 96-month car loan on a Dodge Durango?
Are there any downsides to getting such a long loan term? To get a low monthly payment on a new Durango, I found that I could take out a 96-month loan.
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
A 96-month loan will definitely lower your payments, but you should ask yourself one question: do you really want to pay a car loan for the next eight years?
In addition to this, you’ll also:
- pay more interest over the life of the loan
- might have to worry about being upside down on the loan
Plus, you’ll be required to carry full coverage
car insurance
for the duration of the loan, which can add up to thousands of dollars over the eight years.View full answer
- Gregory R.
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