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

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

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

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!

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.

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.