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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.
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“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.” View full answer
- Gregory R.
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