Credit Card Center Advertiser Disclosure

Established Member
Posts: 82
Registered: ‎05-06-2013
0 Kudos

Re: Whats wrong with 72 month car loans???

Agreed with geronimo.


I haven't seen longer terms be lower APR, it's usually the other way around.


I picked up a 66 month loan on my new purchase (buying tonight actually).  The logic behind this is, I make a ton of over time for large portions of the year so I plan on constantly making large payments on the principal.  This allows me to have a smaller monthly payment, and still get a 60 month interest rate, while being in a position to get out of a negative equity situation reasonably fast.  I also have GAP coverage through my auto insurance during this policy period, which I won't need in 6 months.

Amex CS scores - EX-745 / EQ-745 / TU-767 (6/28/13)
BankAmericard Cash Rewards - 10k, MAFCU Visa Rewards - 10k, Chase Freedom - 2500, Discover IT - 2000, Barclay Apple - 2000, AMEX BCE - 2000
Gardening as of 6/28/13
Frequent Contributor
Posts: 319
Registered: ‎03-25-2013
0 Kudos

Re: Whats wrong with 72 month car loans???

yeah, for APR to be lower with longer terms would go against everything that is normal and proper in the world of finanace

The risk of lending longer is met with charging a higher interest


Persnoally, I dont like being in debt and cant't help but pay extra.  On the other hand, I'm not disciplined enough to pre save and pay cash. 

FICO EX 827, 2015 Feb; FICO EQ 836/900 (Citi), 2014 Dec; FICO TU08 818, 2015 Feb.

BofA Cash Rwrds Sig V 2013 10k; Fidelity Rewards AmEx /BofA 2013 15.4k; Chase Freedom Sig V 2002 24.1k; Chase Amazon Rwrds Sig V 2011 8k; Sam's Club MC 2002 10k; Dscvr It 2012 10k; Citi Dvdnd Plat Sel V 2013 8.9k; PenFed Plat Rwrds V 2013 20k; AmEx Blue Sky 2013 11.3k; AmEx BCP 2014 24.1k; Priceline Rwrds Sig V 2013 8.7k; PayPal Xtras GE Cap Plat MC 2012 5k

Regular Contributor
Posts: 135
Registered: ‎01-04-2012
0 Kudos

Re: Whats wrong with 72 month car loans???

If you are on an fixed income, it's all about the monthly payments.  But of course, you'll be able to make payments without the fear of losing a job....

FICO EQ: 633 8/15/12
lender pulled 11/3/12 EQ 661 TU 650 EX598
credit Karma 674 credit sesame: 663
B/K discharged 2/2006......closed 8/2012

May your limits be high and your balances low!

Valued Contributor
Posts: 1,090
Registered: ‎01-17-2012
0 Kudos

Re: Whats wrong with 72 month car loans???

[ Edited ]


Amex Green • Amex BCP • Amex HH (Surpass®) • Barclay Rewards • Chase World of Hyatt • Capital One Quicksilver • Discover it • PENFED Platinum Rewards • Marvel MC • Amazon Store • Kohls Store • CL $92,130 • Car Loan (PENFED) 1.99%

FICO® 8 Scores 790+
New Contributor
Posts: 253
Registered: ‎11-02-2015
0 Kudos

Re: Whats wrong with 72 month car loans???

Longer loan term will mean higher interest. Which in turn means more interest paid.. Less on monthly payment.. When I buy a car I finance it for longest with lowest APR. so if dealership is offering 1.9 for 60 months or 2.9 for 84 months I'll go with the 2.9 for 84 months.. I'll also never go with a down payment unless I must.. All vehicle loses value.. When off lot.. Do nothing down and buy gap insurance thru dealership(which cost more) or thru ur insurance company if they offer.. Why not spend a few hundred for gap program instead of putting a large amount down to cover the lost value of vehicle when u drive it off lot?? Yes gap isn't paid to u but it actually help u.. Let say u bought a car for 80000 u financed whole vehicle.. U got into an accident 3 months later vehicle is totaled. Insurance going to only pay out 65000. If u have gap.. Gap will cover the difference.. If u don't have gap u will pay for it out of ur pocket.. So to me gap is great.. If so happens u did a 15000 down payment.. Now ur down payment is gone.. So why not spend the 600-1200 for gap??

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
‡ Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.