If you are in the market for a new or used car, but don’t know if you can afford the monthly payment or not, you may want to consider a 72-month car loan. Traditionally, car loans have lengths that average around 36- to 48-months. In recent times, similar to home mortgages, longer loan terms have been surfacing for car loans. Today, 60- or even 72-month car loan terms are not all that uncommon.
So, why should you consider a 72-month car loan? Well, for the most part, this is strictly for economic reasons. When you extend your car loan payments from a 36-month or 48-month car loan to a 72-month car loan, your payment is going to drop significantly. You can see just how much your payment will drop by plugging the information into a car loan calculator. By entering information into the car loan calculator using 36- or 48-months as the loan term, and then entering in the same information but with a 72-month car loan term, you will clearly see the difference in monthly payment.
In the past, the major concern associated with having a 72-month car loan was maintaining the commitment to pay off the vehicle even if it may go beyond the useful life of the new or used car. However, with cars getting more reliable and manufacturers offering longer and longer warranties, most car buyers are keeping their vehicles well beyond 5 years. Because of this, snagging a 72-month car loan is not the concern it once was. However, it is still important to note that you will end up paying more in interest over the life of a 72-month car loan than you would with a 36- or 48-month car loan.
Refinancing an existing short-term car loan to a 72-month car loan can also be a great and easy way to drop a car payment. If your car payment is too high to manage, this is a quality way to drop an unmanageable car payment to an affordable level. The lower payment of a 72-month car loan makes it possible for more people to afford to purchase the vehicle they want without placing themselves into significant financial hardship. Further, a 72-month car loan can be a great way for someone with credit problems to start rebuilding their credit history. By consistently paying off a car loan they can afford, the credit-rebuilding process will be increased.
CarLoanMarket.com can help you find out more when it comes to a 72-month car loan! Having more money in your pocket at the end of the month, and being able to afford the vehicle you want, is the benefit CarLoanMarket.com can provide you with a 72-month car loan.
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