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.

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Frequent Contributor
Posts: 311
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. 

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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
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