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?"

“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.”
Eric Schad
Answered on Jul 26, 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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