Today we can lease cars with no money down or if we prefer to buy we can finance cars for much longer than 3 years. If you still have a loan outstanding after 8 years you are more than likely upside down on the loan.
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April 11 2014 by tm brown.
Can you finance a car for 8 years. Lets look at an example of a 30000 car. Yes it is possible to finance a car that is 10 years old but it will not be through a national bank. It is possible though not very easy to get a loan on an older.
Can you finance a car over 10 years old. Why are longer amortizations so attractive. Over time the length of car loans has increased significantly.
Many reputable financial institutions will not finance car loans for vehicles older than 10 years. Its either that or a 540it or a volvo 70r. You could get a personal loan if your credit is good enough but i cannot see anyone giving a car loan against this.
How many years can you finance a new or used car. The average loan term meanwhile stands at almost 69 months for new and 65 months for used vehicles according to experian data for the start of 2019. How do you finance a used car purchase for a vehicle that is greater than 10 years old.
A loan against a car of that age will cost you though. The trend for longer auto loans means some consumers can qualify for financing up to 96 months or eight years should they want it. If the car is at a dealership they will know this and try to convince you to use their in house financing.
Ps am i a complete idiot if i want to buy a b6 s4 avant. If financed over 3 years. Buy a car that you can get with a loan of no more than 48 months and keep that car at least as long as it takes to pay off that loan said giorgianni at consumer reports.
It can be difficult but there are lenders who are willing to finance a car that is over ten years old. Car loans stretch out to 8 years costing buyers more. Another telling statistic was that about 20 percent of loans were 73 months or longer in 2014.
If you have to go more than four years to get the payments where you need. In fact we can spread payments out for as long as 96 months 8 years. Simply put it makes cars more affordable.
Well as far as i know no one will finance a car this old or with this many miles on it. Owing more than the car is worth. Another reason to avoid 84 month car loans is a simple one.
Youre probably buying more car than you can afford. If you have to make payments on something for 84 months in order to purchase it chances are good you cant afford it in the first place. The big exception is as always a house you and your family plan to live in.
If you bought a used 2004 model car a year or two ago and the current loan is not that long lived it is still possible that you are upside down. Meredith havens looks at.