Can you get a 7-year car loan?

I’m shopping for a new car and I think I found the perfect one, only it’s way out of my league financially. If I can get a longer loan, like seven years, I could get this car no problem. Can you get a seven-year car loan?

Answer
A seven-year (or 84-month) car loan is a possibility, but with one, you will end up paying more in interest and you run the risk of owing more than your car is worth.
That being said, a seven-year car loan may be helpful if you need a smaller monthly payment, but that is only feasible if you choose a car that you can afford from the get-go.
Alternatives to longer loan term include:
  • Leasing a car
  • Selecting an affordable used car
  • Saving up for a larger down payment
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Chloe Jenkins
Answered on Nov 02, 2021
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