How do I get a 96-month car loan?

I'm thinking of buying a car and I want the lowest monthly payments possible. Can I get a 96-month car loan? Or does it max out at 84 months?

Answer
The average car loan in the US now lasts longer than 70 months, partly because of the soaring popularity of 84- and 96-month loans. So yes, you can definitely get a 96-month car loan, but you should weigh the pros and cons first.
Pros of a 96-month car loanCons of a 96-month car loan
Lower monthly payments
Ability to buy a more expensive carCar depreciation will hurt your finances more
Higher interest rates
The potential to pay 1.5-2x more in interest over the life of the loan
Most experts agree that 48 or 60 months is the optimal loan length, as this length minimizes your interest and depreciation. But ultimately, the decision is up to you.
If you decide to go with the 96-month loan, just apply as with any other loan: find the best lender, build your credit score, and show proof of income, residence, identity, and insurance.
Keep in mind that you’ll have to keep full coverage insurance on your car for the length of the loan. To find the best savings, check out the Jerry app to compare dozens of competitive quotes from over 50 top insurers.
Eric Schad
Answered on Nov 15, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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