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What are the pros and cons of an 84-month car loan?
I was thinking of getting an 84-month car loan, as my local bank is doing a special rate. What are the pros and cons of a car loan of this length?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Great question! With a special rate, getting an 84-month
car loan
might make sense for your needs. However, this length comes with both pros and cons:The pros are:
- More financial flexibility
- Lower monthly payments
Cons include:
- More interest paid over the life of the loan
- Higher interest rate
- Additional risk of repossession if you have poor credit to begin with
- Buying a more expensive car than you can actually afford
Although you may look at this list and automatically decide that the cons outweigh the pros, think more objectively about your needs. Remember that you can always refinance or pay more toward the loan each month if your financial situation improves in the future.
Whether or not you get an 84-month loan, you’re going to need full coverage car insurance. The easiest way to get the best deal on the coverage you need is through the
Jerry
app—we’ll get you personalized quotes from top providers, so that all you have to do is choose the plan that works best for you. It doesn’t get much easier than that!Best of luck with your loan!
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- Gregory R.
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