Are you looking for an auto loan that extends beyond the typical 36 or 48 month loan? You may be surprised to find that 84 month auto loans are becoming more and more popular. In this article, we’ll explore what 84 month auto loans are, the pros and cons of this type of loan, and the best ways to secure one. Keep reading to learn more!
What is an 84 Month Auto Loan?
An 84 month auto loan is a loan of up to 84 months, or seven years, to finance the purchase of a car. It's a great option for those looking for a longer-term loan with lower monthly payments. This type of loan is usually available from banks, credit unions, and other lenders. The longer repayment period of an 84 month auto loan may make it easier for borrowers to manage their finances, especially if they have a low credit score or other financial concerns.
Pros and Cons of 84 Month Auto Loans
There are both advantages and disadvantages to taking out an 84 month auto loan. Here are some of the pros and cons to consider before taking out this type of loan:
Pros:
- Lower monthly payments
- Potentially easier approvals for borrowers with less-than-perfect credit
- More time to pay off the loan
Cons:
- Higher interest rates
- Longer repayment period
- Possible negative impact on credit score
How to Secure an 84 Month Auto Loan
If you decide that an 84 month auto loan is the right choice for you, there are a few steps you can take to make sure you secure the best rate possible. Here are some tips to help you get the best deal on your 84 month auto loan:
- Shop around and compare offers from different lenders.
- Check your credit score before you apply.
- Make sure to read the terms and conditions of any loan offer carefully.
- Negotiate for a lower interest rate if possible.
- Put down a larger down payment if you can.
- Consider a shorter loan term if you can afford the payments.
The Bottom Line
An 84 month auto loan can be a great option for borrowers who need a longer loan repayment period and lower monthly payments. However, it’s important to understand the pros and cons of an 84 month loan before you decide to take one out. Make sure to shop around and compare offers, check your credit score, and read the terms and conditions of any loan carefully before signing on the dotted line. With the right preparation, you can secure an 84 month auto loan that meets your needs and fits your budget.
