Is an 84-month loan on a Corolla a good idea?

"I was looking at getting an 84-month loan for a new Toyota Corolla. The low payments are what sold me, but it's a long time to pay a loan.

Is an 84-month loan a good idea?"

Answer provided by
Eric Schad
Answered on Jul 27, 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.
“In general, 84-month loans are never a good idea. You’ll be upside-down for almost the entirety of the loan. If something goes wrong with the car, you still have to make payments on a pile of scrap metal.
Instead of getting a more expensive car on an 84-month loan, buy a cheaper vehicle for 48 months or 60 months. This will keep you from getting in over your head while still building credit.”

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