84 month loan
When it comes to financing, 84-month auto loans are gaining popularity among car buyers. In fact, nearly 45% of new car loans carried a repayment term between 61 and 84 months in 2020, according to credit-reporting agency Experian. But is taking an 84-month loan a smart financial decision?
One of the most significant advantages of taking an 84-month loan is the lower monthly payments. If you have a tight budget, a long-term loan can help you spread out your payments over a more extended period, making it easier to manage your finances.
Moreover, a long-term loan can allow you to afford a more expensive vehicle that wouldn't be possible with a shorter-term loan. This extended repayment period can also help you purchase a car with more features, such as better safety ratings, advanced technology, and higher-end trim levels.
While lower monthly payments may sound enticing, the cost of financing increases substantially with longer loan terms. An 84-month loan means you'll pay interest for seven years, which equates to more interest charges and a higher total cost of borrowing. Over time this may add up to paying almost double the cost of the car's initial price in interest charges.
Another disadvantage of extended auto loans is that they are risky. Vehicles depreciate in value over time, and an 84-month loan may mean that you owe more than your car is worth at any given time. This can be a problem if you want to sell or trade in your car before the loan term is over. Moreover, longer loan terms may also mean higher insurance costs.
When deciding whether an 84-month loan is a good choice, it's essential to consider your personal financial situation. Below are some questions to ask yourself:
If you can comfortably afford the monthly payments, plan to keep the car for a long time, and the vehicle's value is likely to hold over time, an 84-month loan might be a practical option. But if you're unsure, consider getting advice from a financial advisor or a trusted auto-loans provider. They can help you understand the risks and benefits of 84-month loans and find the best auto-financing options for your unique situation.
When it comes to securing an 84-month loan, you'll need to meet certain requirements, such as having a good credit score, proof of income, and a low debt-to-income ratio. It's also essential to do some research and shop around for the best auto-loan rates and terms. Consider comparing rates from online lenders, banks, and credit unions to get the best deal.
Additionally, some car dealerships offer extended loan terms through their in-house financing, but be careful of predatory lending practices, such as high-interest rates and hidden fees. Always read the terms and conditions thoroughly and understand what you're agreeing to before signing any loan documents.
Taking an 84-month loan has its advantages and disadvantages. While it can help you finance a more expensive or feature-packed car while keeping your monthly payments manageable, it's essential to consider the long-term costs of borrowing and the risks involved. Do your research, weigh the pros and cons, and determine whether an 84-month loan is right for you and your financial situation.
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| Loan Amount | $1,000 | $2,000 | $5,000 | $10,000 |
|---|---|---|---|---|
| Interest Rate | 24% | 19% | 13% | 8% |
| Loan Term | 12 Months | 24 Months | 48 Months | 60 Months |
| Fee | 3% | 5% | 8% | 10% |
| Fee Cost | $30 | $100 | $400 | $1,000 |
| Repayment | $94.56 | $100.82 | $131.67 | $202.28 |
| APR | 29.82% | 24.12% | 18.23% | 9.20% |
| Total Payments | $1,134.72 | $2,419.68 | $6,320.12 | $12,136.80 |
| Total Costs | $164.72 | $519.68 | $1,720.12 | $3,136.80 |
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