If you aren’t sure that you can afford the monthly payment on a car or not, but are in desperate need of a new or used car, you may want to take a loot at a 72-month car loan. Car loans traditionally have lengths that range from 36- to 48-months. Recently, however, longer loan terms have become more common for car loans. In a lot of ways, they are become more and more similar to home mortgages. Today, 60- and even 72-month car loan terms are relatively common.
For the most part, 72-month car loans are used strictly for economic reasons. This is because when you extend your car loan payments from a 36- month or even a 48-month term to a 72-month car loan, your payment per month is going to drop significantly. By plugging your payment information into a car loan calculator, you can see just how much your payment will drop per month. By entering information into the car loan calculator first using a 36- or 48-month loan term, and then entering in the same information but with a 72-month car loan term, you will be able to clearly see the monthly payment differences.
Of course, with a 72-month car loan you’ll have to remain disciplined and committed to paying off the vehicle even if it may go beyond the useful life of the new or used car. Fortunately, with cars getting more reliable and manufacturers offering longer and extended warranties, keeping your car well beyond 5 years shouldn’t be a problem. People are doing it more and more all the time! Because of this, snagging a 72-month car loan is far from the concern that it once was. That being said, it is still important to remember that you will end up paying more in interest over the life of a 72-month car loan than you would with a shorter term car loan.
Refinancing an existing short-term car loan to a 72-month car loan is one option you have to drop your monthly car payment. If your car payment is too high for you to manage, this is a great way to drop an unmanageable car payment to a more affordable level. 72-month car loans, and the lower payment associated with them, make it possible for people to afford the vehicle they want without placing significant financial burdens on themselves. Further, a 72-month car loan can be a great way to start rebuilding your credit history if you have had credit problems in the past. Paying off a car loan you can afford, on a consistent basis, will speed up the credit-rebuilding process.
NationalCarAndLoan.com is your source for 72-month car loans! NationalCarAndLoan.com can provide you with the benefit of more money in your pocket at the end of the month while being able to get the vehicle you want!
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