Thoughts on terms?

[Anonymous]

Just got approved for a Navy Federal Loan....

Interest Rate:  5.29

Loan Term:  72 Months

Amount:  40,500

I am going to bring it to the dealer and see if they can match that, but thoughts on if that is a good rate?  

[MarineVietVet]

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@Anonymous wrote:

Just got approved for a Navy Federal Loan....

Interest Rate:  5.29

Loan Term:  72 Months

Amount:  40,500

I am going to bring it to the dealer and see if they can match that, but thoughts on if that is a good rate?  

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HI there and welcome.

5.29% isn't bad at all depending on what your overall credit profile looks like but I'm more concerned with the loan term. 72 months IMO (In My Opinion) is about 24 months too long. Of course it's your utlimate decision but by stretching this out to 72 months you'll be underwater for a long, long time.

Have you considered getting something that costs a little less to reduce your overall financial responsibility?

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[Cloudlb]

ugh.  $660 a month for six years? How long are you planning to keep the car?

[Creditaddict]

I had a 72 month loan once... I would NEVER do it again... 

1. Nobody ever keeps a car 6+ years (never is strong word but for general purpose I will say it)

2. What are you buying? generally new cars have some great rate offers to finance with them.

[guydiver]

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@Creditaddict wrote:

I had a 72 month loan once... I would NEVER do it again... 

1. Nobody ever keeps a car 6+ years (never is strong word but for general purpose I will say it)

2. What are you buying? generally new cars have some great rate offers to finance with them.

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+1

[MarineVietVet]

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@Creditaddict wrote:

I had a 72 month loan once... I would NEVER do it again... 

1. Nobody ever keeps a car 6+ years (never is strong word but for general purpose I will say it)

2. What are you buying? generally new cars have some great rate offers to finance with them.

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I bought my Chevy truck new in 1997 and It's still going strong. But I tend to agree that many people don't seem to want to keep cars all that long.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".