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Should you consider taking out an auto loan? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by offering you interactive financial calculators and financial tools that provide objective and original content. We also allow users to conduct research and compare information for free and help you make informed financial decisions. Bankrate has partnerships with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make money The products that appear on this site are from companies that pay us. This compensation may impact how and when products are featured on the site, such as such things as the order in which they appear in the listing categories in the event that they are not permitted by law. Our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that appear on this website. We do not include the entire universe of businesses or financial deals that might be available to you. SHARE: Standret/Shutterstock
5 min read published March 02, 2023
Written by Ben Luthi Written by Contributing writer Ben Luthi is a personal travel and finance writer who enjoys helping others discover how to live their lives more completely. His work has been published in several publications that include U.S. News & World Report, USA Today, Yahoo! Finance, and many more. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping readers gain the confidence to manage their finances by providing concise, well-studied facts that break down complex topics into manageable bites. The Bankrate guarantee
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Therefore, this compensation may affect the way, location and in what order products appear within listing categories in the event that they are not permitted by law. This is the case for our loan products, such as mortgages and home equity, and other home loan products. Other factors, like our own proprietary website rules and whether the product is available in your area or at your own personal credit score can also impact the way and place products are listed on this website. Although we try to offer the most diverse selection of products, Bankrate does not include specific information on each credit or financial product or service. More time-bound terms translate to lower monthly payments for your auto loan. They can have some benefits for the right buyerhowever, be prepared to pay more in the end. Therefore, before you decide for an 84-month term, understand the trade-offs and other options. What's an 84-month auto loan? Essentially, they're the same as any auto loan. An auto loan extends the repayment time by seven years. Your lender is able to amortize the loan over this period to determine how much you have to pay each month in principal and interest. Consider, for instance, an auto loan with a 3.49 percent rate of interest. If you choose to go for a 60-month repayment term the monthly amount is $364. You can extend the time to 84 months though, and your monthly installment would fall to $269. However, that 60-month period would only cost you the sum of $1,825 for interest. As there's more time for interest to stack up, an 84-month period is more expensive. It will cost you $2,571 - almost $750 more. There are a few reasons to stay clear of the 84-month term of auto loans Even though a longer loan period means a lower monthly payment but it can be a problem in the future. Here are some potential pitfalls to be aware of more expensive Although your monthly payments will be less with an extended term however, the total amount of interest will be higher. However much or how little you finance it, you'll pay more interest on a longer loan. It may not be enough to make an issue when you're confronted with a less expensive installments each month however this is money that could be put to use elsewhere. Additionally the 84-month auto loan rates tend to be higher because longer terms are more risky for lenders. This is assuming the option is offered even at all. Depreciation On the average the new car could drop more than 10 percent of its value within the first month following your drive it off the lot, according to . You'll lose 20 percent -or more within the first year, and up to 60 percent by the fifth year. With a lower monthly payment there is a greater chance of . This means if you want to sell your car or it is damaged, you'll have to pay the difference out of pocket. Repair problems The older the car is, the more expensive the repairs will be. If you have an 84-month contract, there's a much higher chance of having to shell out for while you still have a monthly payment. If you have an extremely tight budget and a lack of emergency reserves, it could cause a huge burden on your budget. Expired warranty There are some new vehicles with lengthy warranties, but they're usually at least three years, or 36,000 miles. If you take out an 84-month loan it will be paying off your vehicle long after the warranty expires. Try to avoid an auto loan period that exceeds the duration of your vehicle's warranty. If you're buying a there's a good chance you won't have any warranty issues to be concerned about. This makes expected depreciation and repair costs average more crucial, so make sure you do your homework. Kelley Blue Book and Edmunds both have estimates on the total cost to own that go beyond general repairs that are covered by warranties. Benefits of an auto loan There isn't all negatives and doom. There are a few advantages of an 84-month term you should consider: Lower monthly payments. Seven years is a long time and you could take out more loans and still pay a affordable monthly cost. If you're working on limited funds and a 84-month contract could help keep month-to-month costs down. Lower debt-to-income ratio. If you take out an 84-month auto loan the monthly payment will be less than your income. And a low may allow you to be more eligible for future loans. Rates that are competitive. When interest rates are low, it can make sense to borrow money the longest time possible. You can use your added money to cover higher-interest debt. Be aware that 84-month auto loans will carry higher interest rates than loans with shorter terms. loans with shorter durations. If you are considering an loan for your auto loan There are circumstances where you have a tight budget or don't have a lot of room to negotiate with your car dealer. If you're faced with a limited selection available, a long-term auto loan could be the most suitable alternative. A longer-term loan is the only way to fit monthly payments within your budget. There's no penalty if an car loan is paid back early. The length of the term allows you to purchase the most reliable, higher quality car. Your vehicle is covered by a lengthy warranty that will reduce overall repair costs. You could get a lower interest rate and want to invest the difference for an increase in the value of your money. Other auto loan alternatives Use it to get an idea of the amount a longer-term loan costs. If you're not certain if that a longer-term loan is the right one for you -- even with the best 84-month option, there are other options to think about: Wait and save. If you're stuck on one particular model, but you can't afford it without a longer term you should think about waiting until you have enough cash to pay for a larger down amount. Make use of auto loan to see the amount it could cut your monthly installment. Opt for a cheaper car. If you aren't able to save up for a bigger down payment, consider changing your plans to a lower-cost vehicle that can be finance for a shorter term. Find room within your financial plan. If you haven't done so, take a look at your earnings and expenses in the past couple of months and see whether there are areas in which you can reduce your expenses to make room for the higher monthly payments. Lease instead of buying. have shorter terms than auto loans on average approximately three years, as per . Despite the shorter term however, they are able to pay lower monthly installments due to the depreciation of the vehicle, not its sales price. What should you consider when choosing an auto loan duration Consider what you're financing along with the interest rate, along with your spending plan. It's not unusual for car buyers to opt for longer terms on their auto loans however it's not a good idea to give in to sales pressure. The shorter you can get your auto loan time frame, the more beneficial. Not only does it guarantee you pay less interest but it also results in the repayment of the debt sooner. You'll also have additional cash each month to pay for other expenses and debts. If you're not capable of paying a greater monthly payment, you could always take an extended repayment period starting at the beginning, and then when your budget allows. If you're lender does not charge a prepayment fee it is possible to take care to pay back your loan in advance and save on interest. When you are considering the length of the term be sure to keep your current circumstances, needs and long-term goals in your mind. There isn't a loan length that works best for everyone, so understanding your finances will help you find the best path forward. In the end, although you'll pay less monthly with an 84-month car loan but you'll pay more interest. There's also the risk of owing more on the loan than the car is worth, and possibly huge repair costs. Before choosing a longer auto loan duration, think about a shorter term to save money overall. Find out more
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Written by a contributing writer Ben Luthi is a personal writer of travel and finance who enjoys helping people understand how to live their lives more completely. His writing has been featured in a variety of publications, including U.S. News & World Report, USA Today, Yahoo! Finance and many more. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers gain confidence to manage their finances through providing clear, well-researched information that breaks down complex topics into manageable bites.
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