Auto loans lasting 84 months are more common than they used to be. However, they’re still not as common among lenders as 24- to 72-month terms. You have a few options for an 84-month auto loan.
Banks
Traditional banks are often the first stop when borrowers are shopping for car loans. With many of the biggest banks now offering 84-month financing, it might be worth seeing if yours is one of them.
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Some banks will offer you a discount on your auto loan rate if you have a checking account, savings account, credit card or other financial account with them. Even if your bank doesn’t, the convenience of having all your banking in one place is worth considering.
Credit unions
Credit unions offer many of the same advantages as commercial banks do, but in the form of member-based organizations. While credit unions may offer low rates and few fees, they require membership based on specific criteria to access their loan products.
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Credit unions’ membership requirements range from working for a certain employer to making a donation to an approved charitable organization to paying a membership fee. Many operate nationwide and offer 84-month auto loans as part of their portfolios.
Online lenders
You can also go the digital route for an 84-month loan. As more people shop for cars on the internet, online lenders are becoming a more popular source of financing. You’ll find plenty of options that offer longer loan terms.
And just because online lenders don’t have physical branches doesn’t mean they’re not reputable providers. Many are backed by established banks, and some are even the online lending face of a bigger bank.
Lending marketplaces
With a lending marketplace, rather than applying with individual lenders, you enter your information into a portal and wait for loan offers.
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In addition to cutting down on the legwork, this option lets you compare loan offers in one place. However, if you use one of these marketplaces, research lenders carefully. While you’ll get offers from established lenders, you may also get offers from less reputable ones.
Car dealerships
Most car dealers provide their own financing options, and many offer 84-month vehicle loans. You may be able to find a great deal on a long-term auto loan. Dealerships — especially single-brand dealerships — sometimes offer 0% auto financing, even on longer-term loans.
Don’t just assume you’ll get your best deal at the dealership. Car buyers may also find some of the highest interest rates at dealerships.
Source: https://tholansonnha.com
Category: Finance
