Should I get a 96-month car loan on a Dodge Durango?

Are there any downsides to getting such a long loan term? To get a low monthly payment on a new Durango, I found that I could take out a 96-month loan.

Answer provided by
avatar
Eric Schad
Answered on Jul 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.
“A 96-month loan will definitely lower your payments, but you should ask yourself one question: do you really want to pay a car loan for the next eight years?
In addition to this, you’ll also:
  • pay more interest over the life of the loan
  • might have to worry about being upside down on the loan
  • risk paying for GAP insurance
Plus, you’ll be required to carry full coverage car insurance for the duration of the loan, which can add up to thousands of dollars over the eight years.”
thumb-up

Did this answer help you?

Ask us a question by email and we will respond within a few days.
thumb-up

Have a different question?

You can meet us at our office and discuss the details of your question.

Easiest way to compare and buy car insurance

√
No long forms
√
No spam or unwanted phone calls
√
Quotes from top insurance companies