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?

Answer provided by
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Eric Schad
Answered on Jun 10, 2021
“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.”
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