What's the longest you can finance a luxury car?

How long can your term be on a luxury car? I want to finance a Lexus, but I also want to get the lowest monthly payment. I've read that you can get a lower monthly payment by extending the length of your loan.

Answer
“Lenders usually offer loans up to 84 months long, but don’t hop on board just yet.
Seven years is a long time to have a car loan and you’ll be upside-down (owing more money than the car is worth) for nearly the entirety of the loan.
As a general rule, 60 months is about as long as you want to take your car loan out. If you don’t like the monthly payment over 60 months, choose a cheaper car to lower your monthly payment.
Also keep in mind that insuring a luxury car can be quite expensive, so be sure to budget that into the monthly costs of owning your dream vehicle.”
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Eric Schad
Answered on Jul 13, 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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