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Getting a 72 Month Used Car Loan Without Getting Burned

January 26, 2022 Leave a comment

Getting a 72 Month Used Car Loan Without Getting Burned

A 72 month used car loan offers advantages that help many borrowers qualify for a car they might not otherwise be able to afford, and low monthly payments are chief among those benefits. However, there are downsides as well, and you should take them into account when considering financing your used car with this type of loan.

New or Arkansas car title and payday loan locations used car buyers often fall into the trap of falling in love with one particular car. If it is too expensive for a more traditional three- to five-year loan, which would be 36 to 60 months, buyers will consider a longer 72-month used car loan to get that car.

If it does, consider refinancing your 72 month used car loan into a shorter note

It is more prudent to determine what you can afford and then choose the best vichle in that price range. A good rule of thumb is this: Half of what you make each month should be equal to your housing cost (rent or mortgage, plus insurance and taxes) and your car payment. Beyond that range, you are borrowing trouble, as the saying goes, possibly locking yourself into a long-term loan that will strain your resources.Know the Car You Want

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