The amount you’re financing, your credit score, the loan-to-value ratio, the amount of your down payment, and other factors will all affect the 72-month auto loan rates you find. Enter ZIP Code
If you choose to take out a 72-month auto loan instead of a 60-month loan, you can save money each month and have more room in your budget. The best 72-month auto loan rates are offered by providers like myAutoloan and Autopay. Here, the MarketWatch Guides team offers our top choices for 72-month auto loan rates, along with advice on when to take out a loan with such a term and when not to.
The MarketWatch Guides Team is dedicated to giving you trustworthy information so you can choose the best financing option for your car. Since customers depend on us to deliver unbiased and precise information, we developed an extensive rating system to create our lists of the top auto loan providers. In order to rank the loan providers according to a variety of criteria, we gathered information on dozens of them. Following 300 hours of investigation, each provider received an overall rating; the top-ranked businesses were those with the highest points.
So, you’re in the market for a used car, but you’re worried about the monthly payments. You’ve heard about 72-month used car loans, and you’re wondering if they’re the right option for you. Well, buckle up, because we’re about to take a deep dive into the world of long-term used car financing.
72-Month Used Car Loans: The Lowdown
A 72-month used car loan stretches your payments over six years, offering lower monthly installments compared to shorter loan terms. This can be a lifesaver if you’re on a tight budget or want to free up some cash for other expenses. But before you jump into a 72-month loan, let’s weigh the pros and cons to see if it’s the right fit for your financial situation.
Pros of a 72-Month Used Car Loan:
- Lower monthly payments: This is the biggest advantage. You’ll have more breathing room in your budget, allowing you to allocate funds towards other priorities.
- More options: With a longer repayment period, you have more flexibility in choosing a used car. You can afford a higher-priced vehicle or one with more features.
- Wide availability: Many lenders offer 72-month used car loans, so you have a wider range of options to compare and find the best rates.
Cons of a 72-Month Used Car Loan:
- Higher interest costs: Over the long term, you’ll pay more interest compared to shorter loan terms. This can add up to a significant amount, especially if you have a high interest rate.
- Increased risk of negative equity: As your car ages, its value depreciates. With a 72-month loan, you could end up owing more than the car is worth, especially if you need to sell it before the loan term ends.
- Potential for higher repair costs: As your car gets older, the likelihood of needing repairs increases. This can put a strain on your budget, especially if you haven’t planned for these expenses.
So should you get a 72-month used car loan?
The answer depends on your individual circumstances. Consider these factors before making your decision:
- Your budget: Can you comfortably afford the monthly payments over six years?
- Your credit score: A good credit score will qualify you for lower interest rates, reducing the overall cost of the loan.
- The car you want: Is it a reliable model with a good track record? How quickly will it depreciate?
- Your financial goals: Do you have other financial priorities, like saving for a down payment on a house or paying off debt?
Here are some additional tips for getting a 72-month used car loan:
- Shop around: Compare rates and terms from multiple lenders to find the best deal.
- Make a larger down payment: This will reduce the amount you need to borrow and lower your monthly payments.
- Consider a shorter loan term: If you can afford it, opt for a shorter loan term to save money on interest.
- Plan for repairs: Set aside some money each month for unexpected car repairs.
The Bottom Line:
A 72-month used car loan can be a good option if you need lower monthly payments and have a good credit score. However, it’s important to weigh the pros and cons carefully and make sure it fits your budget and financial goals. By taking the time to do your research and plan ahead, you can ensure that you get the best possible deal on your used car loan.
Additional Resources:
- Capital One Auto Navigator: https://www.capitalone.com/cars/learn/managing-your-money-wisely/72month-car-loan-what-to-know-about-longterm-loans/1571
- MarketWatch Guides: https://www.marketwatch.com/guides/car-loans/72-month-auto-loan-rates/
#3 Consumers Credit Union: Most Flexible Terms
Starting APR: 6. 39% for loans with terms of 2072 months; loan amounts; no minimum or maximum; loan terms; up to 2084 months; availability: 2050 states; minimum credit score: 640
Although there might be other credit unions in your community, you can join Consumers Credit Union online. It offers terms up to 84 months long. The credit union’s rates for 72-month loans start at 5. Its rates are higher for used cars and those older than the 202021% model year, with 64% of rates for 202021% or newer vehicles.
Consumers Credit Union has an A+ rating from the BBB and has been accredited since 2012. In addition to auto loans, it offers a car-buying service powered by TrueCar. You can shop models in your area and get member discounts off of the manufacturer’s suggested retail price (MSRP).
Purchase Loan Calculator Price of the car you want $ Down payment $
* The calculators used on this website are being provided for educational purposes only. Data will not be collected or stored. The results are estimates based on information you provide and may not reflect actual pricing of your quote.
Is it smart to do a 72-month car loan?
FAQ
Is it OK to finance a car for 72 months?
What is a good interest rate for a used car for 72 months?
What is the best length of loan for a used car?
Does bank of America do 72-month auto loans?
What is a 72 month auto loan?
An auto loan is a type of installment loan, which means you make monthly payments over a fixed period of time. Most auto loans come with repayment terms that are anywhere from as little as 24 months to as long as 96 months. The benefit of taking out a 72-month loan is that it can allow you to buy a nicer car while lowering your monthly payments.
Should you take out a 72-month auto loan?
Taking out a 72-month auto loan can give you a lower monthly payment compared to a 60-month loan and give you breathing room in your budget. The best 72-month auto loan rates are offered by providers like myAutoloan and Autopay.
Should you get a 72 month car loan?
The advantage of having a 72-month loan over a shorter loan is that your monthly car payment will be smaller. However, you’ll pay on the loan longer, and you’ll pay more interest in total. Some financial institutions offer interest rate discounts for making automatic payments or using their car buying services online.
Should I get a 72-month or 84-month car loan?
If you’re considering 84-month car loans as well, remember that the longer a loan’s term, the higher the risk for the lender, so you may find it easier to qualify for a 72-month car loan than for an 84-month car loan. In some cases, a 72-month loan is the best way to get a new car or a higher-priced used car without a high car payment each month.