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Should you take an auto loan? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make smarter financial decisions by offering you interactive financial calculators and financial tools that provide objective and original content, by enabling you to conduct research and compare data for free - so that you can 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 website are provided by companies that compensate us. This compensation may impact how and where products appear on the site, such as such things as the order in which they be listed within the categories of listing and other categories, unless prohibited by law. This applies to our mortgage or home equity, and also other home lending products. This compensation, however, does not influence the information we publish, or the reviews 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
The article was written by Ben Luthi Written by Contributing writer Ben Luthi is a personal finance and travel writer who is passionate about helping others learn how to live life more fully. His work has appeared in a variety of publications, including U.S. News & World Report, USA Today, Yahoo! Finance, and many other publications. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are dedicated to helping readers gain confidence to control their finances by providing clear, well-researched information that breaks down otherwise complicated subjects into digestible pieces. The Bankrate promise
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We receive compensation for placement of sponsored products andservices or through you clicking certain links posted on our website. Therefore, this compensation may affect the way, location and in what order products appear within listing categories, except where prohibited by law for our mortgage, home equity and other products for home loans. Other factors, like our own website rules and whether or not a product is available in your area or at your self-selected credit score range can also impact how and when products appear on this website. While we strive to provide a wide range offers, Bankrate does not include information about every credit or financial product or service. More time-bound terms translate to lower monthly payments for your auto loan. They may offer some advantages for the right buyer- but you should expect to pay more overall. So, before you opt for an 84-month term, understand the trade-offs and other options. What's an auto loan? They're basically identical to any other auto loan. A 84-month auto loan will extend the period of repayment by seven years. The lender will amortize your loan over this term to determine how much you'll pay each month in principal and interest. For example, consider a $20,000 auto loan with an 3.49 per cent interest. If you choose to go for a 60-month repayment term, your monthly payment will be around $364. You can extend the time to 84 months though, and your monthly installment would fall to $269. The 60-month option would only cost you $1,825 in interest. Since there's more than enough time to allow interest rates to stack up, an 84 month term will be more costly: You'll end up paying $2,571 -- approximately $750 more. Reasons to avoid the 84-month auto loans Although a longer auto loan period means a lower monthly payment however, it could cause problems in the future. Here are some possible pitfalls to avoid that could cost you more. While your monthly payments will be less with an extended term, the total interest charged will be higher. However much or how little you finance, you're going to pay more in interest with the longer loan. It may not suffice to be a deal breaker when faced with a lower monthly payment every month, but this is money that could be put to use elsewhere. Additionally, 84-month car loan rates tend to be higher due to the fact that longer-term loans are riskier for lenders. That's even if it's offered in any way. Depreciation On the average an automobile that is brand new can be able to lose more than 10 percent of its value in the first month following your leave the lot, according to . It's possible to lose 20 percent- or more -- within the first year, and up to 60 percent in the fifth year. With a lower monthly payment and a higher chance of . If you decide to sell your car or it gets totaled, you'll need to pay for the difference out of your pocket. Repair issues : The older the vehicle is, the more expensive repairs are. If you have an 84-month contract it's more likely that you'll have a greater chance of having to spend money on repairs the repairs even though you have the monthly installment. If you're working with a tight budget and low reserves for emergencies, it could put a big burden on your budget. Expired warranty There are some new vehicles that come with long warranties, but most are 3-year or more, with 36,000 miles. If you have an 84-month loan, you'll still be paying for your car even after the warranty ends. Avoid a loan term that exceeds the time frame of your car's warranty. If you're buying a you likely won't have an insurance policy to think about. This makes depreciation expected and average repair costs even more important -- so don't skimp on research. Kelley Blue Book and Edmunds each have estimates of the total cost of ownership which go beyond the normal repairs covered by a warranty. Benefits of an 84-month car loan There isn't all doom and gloom. There are some benefits of an 84-month loan that you must take into consideration: lower monthly payments. Seven years is an extended period and you could borrow more money and still pay a low monthly payment. If you're working on limited funds, an 84-month term may reduce monthly expenses. Lower debt-to-income ratio. If you take out an 84-month auto loan the monthly payment will be less than your earnings. A low rate could help you qualify to get future loans. Low rates. When interest rates are at a low it is logical to borrow money for as long as possible. You could use the funds to repay your higher-interest loans. Be aware that the 84-month auto loans will carry higher interest rates as compared to automobile loans with shorter time frames. Consider an car loan There are times when you're on a budget or haven't got much room to negotiate with a dealer. If you're faced with a limited selection available, a long-term auto loan may be the best alternative. A longer duration is the only way to incorporate monthly payments within your budget. There is no penalty if you pay off your car loan is paid off in the early. The duration of the loan allows you to purchase the most reliable, higher quality vehicle. The car you own has a lengthy warranty, minimizing overall repair costs. You could be eligible for a low-interest rate, and you'll want to invest the difference to earn a better return on your investment. Other auto loan alternatives Use it to gain an understanding of what a long-term contract will cost you. If you're not sure that a longer-term loan is the right one for you, even with the most favorable 84-month term, there are alternatives to consider: wait and save. If you're stuck on one particular model, but you can't afford it without a more long-term look into waiting until you've accumulated enough cash to make a bigger down amount. Use the auto loan to find out how much it can reduce your monthly payment. Opt for a cheaper car. If you aren't able to save for a larger down payment, consider changing your priorities towards a more affordable vehicle that can be finance it for a shorter time. Look for a place within your financial plan. If you haven't already, take a look at your earnings and expenses in the past few months to determine the areas you could cut back on your spending to allow for an increased monthly payment. Lease instead of buying. They have lower terms than auto loans generally about three years, as per . Despite the shorter term they offer lower monthly installments due to the car's depreciation, not its sales price. How do you choose an auto loan term length Consider the amount you're financing as well as the interest rate and your budget. It's not unusual for car buyers to opt for longer terms for their auto loans However, it's not a good idea to give in to sales pressure. The shorter you can get your auto loan term, the more beneficial. This will not only guarantee you pay lower interest, but it can also result in paying off the loan sooner. You'll also have extra cash every month to put toward other debts and expenses. If you won't be able to afford a higher monthly payment, you can choose to take an extended repayment period at the start and as your budget permits. If your lender does not have a prepayment charge You can also take care to pay back your loan earlier and save on interest. When you think about the length of your term be sure to keep your current circumstances as well as your long-term goals and needs in mind. There isn't a loan length that is ideal for every person, therefore understanding your financial situation can help you determine the most effective path to take. The bottom line Although you'll have smaller monthly payments when you take out an 84-month car loan however, you'll end up paying more interest. You also risk owing more on the loan than your car is worth and potentially large repair bills. Before choosing a longer auto loan time frame, consider an earlier term to save money overall. Find out more
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Written by the writer who contributed to the article. Ben Luthi is a personal finance and travel writer who loves helping people learn how to live their lives more fully. His work has been published in several publications such as U.S. News & World Report, USA Today, Yahoo! Finance and more. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain confidence to take control of their finances through providing precise, well-researched and well-researched facts that break down otherwise complicated topics into digestible pieces.
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