Hi, I am new to the forums and looking to getting a new IS 250/350. I am been viewing this forum for weeks now. I went to a lexus dealers website and wanted to do a finance prequalification to see what interest rate I would get. I saw an option for 84 month loan. My question is, has anybody gotten an 84 month loan from Lexus? Does anybody even know if this is an option? If so, please let me know what interest rate you got. If I bought an IS, I would do a 72 month loan, but 84 months does seem tempting if the interest rate is not to much of a difference. My credit score is a 766. Please let me know.

 

Hi, I am new to the forums and looking to getting a new IS 250/350. I am been viewing this forum for weeks now. I went to a lexus dealers website and wanted to do a finance prequalification to see what interest rate I would get. I saw an option for 84 month loan. My question is, has anybody gotten an 84 month loan from Lexus? Does anybody even know if this is an option? If so, please let me know what interest rate you got. If I bought an IS, I would do a 72 month loan, but 84 months does seem tempting if the interest rate is not to much of a difference. My credit score is a 766. Please let me know.

 

72 month loan is the longest from LFS. I honestly think anything above 60 month is not worth it. Usually the longer the loan term, the higher the APR.

Here is a little more info:
http://lexus.com/financial/index.html

 

Honestly, if you need an 84 month loan for a car you need a cheaper car.

 

I agree with Ebanks. You are paying too much interest for a car (something that you won't build equity with) if you are getting a loan longer than 48 months.

But to answer your question, nope, never heard about auto-loan for 7 years

 

84 month loans are possible, but the rates are usually a point or more higher than the 72 month loan. I personally wouldnt do the 84 month loan because of the interest rate. If you did the 84 month loan you will probably be in the 7-8 percent range unless you have a personal bank or credit union to use. Hope this helps.

 

I dont know why you would want to do a 72 month loan. I never go over 48 months.

I say wait alittle longer, put more money down and do a 60 month loan.

I couldnt imagine paying a car for 72 months!

 

Well most people (that I sell cars to) cant afford/dont want that high of a car payment, especially on a car that can cost upwards of 40000 dollars.

 

Yup 47,000 otd here i put 10k down and did a 72 month over a normal 60 i was going to do only beacuse it wasnt going to cost much more and i can still pay it off early if i want. Plus i have lower payment incase i send all my money on mods the first few months.

 

Those are the people that we call financially irresponsible. If the only way you can afford a car (any car) is to pay for it for 7 years or more, that should be a red flag right there. I agree with gsrthomas, wait until you can actually manage the payments and don't go past 60 month loans. When you are ready to make the purchase, it will likely be easier for you to find the IS you're looking for (color, options) and the dealers may be more willing to negotiate than the are now as the supply starts to keep up with demand.

 

I think for the OP's sake we can break down the responses to this:

1. Yes, you can do a 84 month loan. (7 years).
2. Some members here advise against doing a loan more than 60 months. (5 years).
3. Some members suggest saving more for a larger down-payment to get your payments to where you can afford it for a shorter term.

It's not up to us or is it our job to judge if a 72 or 84 month loan works for you or not. Just realize that a loan for that length can get tricky. If something comes up unexpectedly and you want to trade up to a new car in 4 years, you'll end up in an "upside-down" state. (You have not paid off the car you're trading in).

If you feel comfortable with a 72 or 84 month loan and know you will be keeping the vehicle for the long term and a bank or underwriter funds your loan and you realize what the "true cost" of the loan is, then by all means go for it.

Just be aware of the impact it will have on your credit report of having an installment loan that large if your income is out-of-sync with the loan, no matter how good your FICO score is.

Cheers,
Kermee

 

then imho that's a good indication that you are buying something way out of your reach. that's just my 2 cents. 5 yrs is really the max i would go, you are already paying quite a bit of interest with it. if you need longer loans, probably you should look at something cheaper and more affordable.

btw, i merged the two threads.

 

If you do it, refinance at a later date for a shorter duration loan with a lower interest rate.

 

at least someone can give out some advice without trying to predictthe guys financial state ppl do things for lots of reasons and i will not say ppl on the this board are all financially responsible with all the money ppl spend on mods

 

7 year car note? That's more like a mortgage than a loan. Sure hope you looooooooooove that car!