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Should I get a 72-month loan for a Camaro?
"I was shopping around for auto loans for a Camaro. I found that a 72-month loan fit my monthly budget better, but I was concerned about interest rate and depreciation. Is a 72-month loan a good idea?"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Most financial experts will tell you that a 60-month loan is the longest car loan you should get.
Once you stretch it to 72 months, your interest rates increases and you’re upside-down on your car loan for years. Because of this, you may want to get
gap insurance
and factor it into your monthly payments.Plus, you’ll need to factor in full-coverage
car insurance
. For a Camaro, that might be hundreds of dollars a month.If you can, try to fit your loan into 60 months. You’ll save tons of money in interest, depreciation, and mandatory insurance.”
View full answer
- Gregory R.
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