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Should I get an 84-month car loan?
I was thinking about getting an 84-month car loan because my mom has one, but I'm not sure if it's a good move. Should I get one?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
If you want to see if it’s the right move for you, consider these aspects:
Pros of an 84-month car loan:
- Lower monthly payments
- More financial flexibility
- Keep your debt-to-income ratio low
Cons of an 84-month car loan:
- Pay more interest over the life of the loan
- Your warranty can expire before the loan ends
If lower payments are your ultimate goal, an 84-month car loan is a decent option, but otherwise, you may want to opt for a shorter term to save more money over the life of the loan.
Don’t forget that you also want to balance your monthly payment with the amount you’ll pay for gas, maintenance, and
car insurance
. Lenders will require full coverage car insurance for your financed vehicle.To help you find the lowest rates, try using the number-one-rated car insurance app,
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. Jerry compares personalized rates from more than 50 top providers and delivers the best deals to your phone in minutes for free. The average Jerry driver saves $879 a year on car insurance!View full answer
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