Get the loan with the lowest apr to save money. Try to imagine how youd feel making loan payments on a battered 10.
can you get a 10 year car loan
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You can get a good deal because youre not buying it brand new and there are can be more room to negotiate if its a.
Can you get a 10 year car loan. A loan against a car of that age will cost you though. But finding the cheapest rate will help keep the cost down. If you bought a 3 year old car and took out an 84 month loan it would be 10 years old when the loan was finally paid off.
When you finance indirectly through a dealership the standards for purchasing a used vehicle typically top out at 10 years. Car loan options for older vehicles. It can be difficult but there are lenders who are willing to finance a car that is over ten years old.
The first thing that must be said is that large lending institutions will not consider a loan for a vehicle that is more than seven years old. A pre owned vehicle can make a good choice if you need a first or next car. But it seems that 6k isnt enough to get you a truck new enough to qualify for the loan so consider this alternative.
The average car loan term in 2018 is around 72 months six years. That said were able to provide you with some monthly payments and interest amounts paid based on excellent good fair bad and terrible credit. What you need is a personal loan.
These loans can offer unsecured borrowing for up to 10 years at lower rates than some short term deals. In actuality 120 month car loan rates vary based on your credit ratings location and your loan company. Some lenders and credit unions however offer extended loan terms of anywhere from 96 months eight years to 120 months 10 years.
Although the lower monthly payment may seem attractive a decade long auto loan could leave you paying for a vehicle thats worth very little 10 years from now. No legitimate lender is going to give you a car loan on a 10 year old car. If the car is at a dealership they will know this and try to convince you to use their in house financing.
The rates are higher but you can use the money for anything. Thats not the only restriction however. These days though some credit unions allow membership based on less strict guidelines like where you live or work.
10 year auto loans. If you were to get a 4 year loan instead of a three year loan keeping your monthly payment the same you can now afford a 7700 vehicle which might indeed be enough to get you a 2004 truck of some sort. Long term loans can cost more as you pay interest for longer.
Compare loans that can offer you the best deal over a longer term. Yes it is possible to finance a car that is 10 years old but it will not be through a national bank.