Why an 84-month car loan is a clunker for your finances
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Imagine buying a new car, getting the keys, signing a financing agreement — and then realizing you’ll still be making payments seven years later.
That’s a real possibility now, as more car dealerships and lenders offer 84-month auto loans.
If obtaining any financing might be a struggle for you, a seven-year loan may seem like a great option. After all, a longer term means a smaller monthly payment.
But that doesn’t make it a good idea. Here’s what you need to consider before getting an 84-month car loan.
Advantages
The loans seem more affordable
Until recently, the longest car loan lenders would ever consider was 72 months, or six years.
Newer, 84-month loans tempt borrowers with even smaller payments over an even lengthier term.
This can seem very appealing if you have a limited budget and can’t afford