Answers
We are getting ready to buy a new minivan and would love to keep our payment at what we pay for our current car..if we do a 60 month loan, our payment will go up about 100 bucks...
Are 72 month loans advisable?
Well, it depends on how long you plan on keeping the vehicle. Since many people trade out of their vehicle after 3 years, a 6 year loan would make it difficult and costly to trade. However, if you are the kind of person who keeps vehicles for 5 years or more, then a 6 year loan can be beneficial if it helps to keep your budget in line.
In addition, as long as it's a simple interest loan, you can always make additional payments "To Principal Balance" which will reduce your term as well as the amount on interest you will pay throughout the course of the loan. A 6 year loan will typically have a higher rate than a 5 year, however a 3 year has a lower rate than a 5, yet few actually take 3 year loans.
In short, if you think you might want to trade in 3 years, then do not go 72mo. Good luck and I hope this helps.
Not a lot of people are aware that you can now get 72 month auto loans. Is it a good idea? 72 months. 6 years. It may seem like a long time, but ...
I have the loan thru bank of america. I got married in august and my husband has really great credit and would like to be on the loan if we refinanced. Is it a good time to refinance? I know bank of america isnt going down the crapper like wamu or any other banks as far as ive heard.
I suggest two things:
1. Join a credit union.
2. Get a 36 month loan from that credit union, probably at a lower rate.
Good luck.
I have a credit score of 680, a monthly income of 2700, and I applied for a 72 month auto loan for a $21,000 car. Do you think I will be approved?
most likely, yes
I have a credit score of 680, a monthly income of 2700, and I applied for a 72 month auto loan for a $21,000 car. Do you think I will be approved?
My debt to income ratio is $3,000:$32,000. That is pretty good.
How many times are you going to ask this question?
You have heard that the definition of insanity is doing the same thing over and over and expecting the results to change right.
I have a current auto loan with a fico score of 697. My interest rate is 11% for 72-months. I am looking to refinance this auto loan.
The banks are very cautious now and may not pass on the low interest rate to consumers since they are hit by many bad loans. They may drop interrst rates but not at the same rate as Fed. They have to cushion and make profit.
Bank of America Car Loan Rates @ Auto Loans, Car Loan Rates ...
Bank of America is advertising some of the best car loan rates available these days. The new car loan rate is the lowest auto loan rate available at Bank of America, the current new car loan rate is currently at 4.10 percent for car loans up to 60 months and 4.34 percent for auto loans for 61 months to 72 months.
Getting a new Car? Now is the time to look into how much auto insurance will cost for your new vehicle. Find auto insurance companies offering coverage in your zip code here: Auto Insurance Rates
Bank of America’s used car loan rate for cars purchased at a franchise dealer is currently being advertised at 4.55 percent for car loans up to 60 months and the auto loan rate is 4.74 percent for loans between 61 months and 72 months.
...AutoLoanDaily Blog » Blog Archive » Budgeting For a Car Loan
Aside from buying a home, a car is the biggest purchase most people make and it’s getting bigger as the cost of vehicles rise.
This means that the first step to take when shopping for a new car is not deciding what kind of car you want, but how much you afford.
This requires putting together a budget to determine what you are already spending and how much money you can dedicate to purchasing, owning and operating the new vehicle.
To do this right, you will need to set aside two to three hours, depending on how well you keep records and your computer savvy. If you bank online, you are in luck, because you may be able to download your checking account records into...
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