mmarshall

Up till now, I've never heard of a 10-year-car-loan...the longest I've seen is around 7 years or so (maybe 8). But some research shows that a few banks are now indeed offering loans that long. I suspect these will be popular with some Senior Citizens, simply because they know that they might pass away before it is paid off, and they won't have to worry about it. And, of course, not everyone keeps a vehicle 10 years to start with.

SW17LS

Most car loans are 60 or 72 months. Anything longer than that is unusual.

Toys4RJill

I have seen RAM offering 96 month financing in the paper.

SW17LS

But those are very unusual loans. The default is 60 months

ABC

Unfortunately, it seems to be becoming more the norm as of late.

https://cars.usnews.com/cars-trucks/...-the-debt-trap

SW17LS

Its 1/3rd, or 33%. So I wouldn't call that the norm. The fact is 66% of car loans are 72 months or shorter...but yeah terms are getting longer. I remember when it was 36 months...then 48 months...

mmarshall

One must also consider, in the length of the loan, what the effect of the interest rate will be (if not the 0% that some manufacturers are giving). So many people are allured by the prospect of a low monthly payment that they don't consider what it will actually be costing them in the long run. You could have a lower monthly payment on a long term loan, but end up with a lot MORE of those same monthly payments, paying a lot more in the long run until the vehicle is paid off. Like I said, much of it depends on the interest rate and/or how the interest is compounded.

rominl

iTrader: (4)

that's crazy... back in the days when i financed my cars indeed 48 months were already "long". i remember when i saw a ferrari dealership offered 72/84 months loaned i said wow so that how's they get you into a ferrari? now 72 months loan is a "norm" for regular cars? my goodness, people are crazy doing 6 year loans on depreciating assets.

rominl

iTrader: (4)

like i said, go price it out. depending on how much discount you got, it's very possible you are not losing any money selling it now

SW17LS

I wouldn't say its the norm, the default is 60 months but you see more and more 72 month financing.

But yeah, I remember when 36 was the norm and 48 was the long option.

But, you still typically are in positive equity even with a 72 month loan.

AMIRZA786

If it's a 0 percent loan, I'll take the longest term available

JDR76

My GS is at 60 months because they had the 0% financing on that term. It's a fantastic feeling to have every penny of my payment go towards the principle.

When I bought the Tundra, they offered me 84 months, which I just couldn't sign up for, though surprisingly the rate wasn't bad (I can't remember what it was). When I first started seeing 72 and 84 month loans, the rates were always pretty high, but it seems like they aren't too bad lately, but it's just a longer term than I would want.

rominl

iTrader: (4)

true, if it's 0% then it's really no brainer. i have never looked into auto loan for a long time so i don't know if there was a lot of 0% in recent years. my guess is 0% is a thing in the past now.

if any interest rate is involved, then personally i don't see how 72 month loan is a good idea.

bitkahuna

iTrader: (20)

where would i 'price it out'? i just went to carvana and after entering info it said "we're stumped"

i don't imagine any dealer giving a 'great deal'.

mmarshall

As of early this month, Henry, there were quite a few 0% manufacturer-loans. This site lists them all. The ones from Dodge and Chrysler look especially good.

https://www.carfax.com/blog/0-apr-car-deals

Every 0% APR Car Deal In February 2022

• by Steven Loveday
• February 3, 2022
• Buying

2022 Subaru Outback / Photo credit: Subaru

Every No-Interest Car Deal Available in February

To help save you money, we’ve tracked down every 0% APR car financing deal available this month. We organized the deals by brand and they come directly from each manufacturer’s website.

Financing with an interest rate of zero means you won’t pay any interest on the money you borrow. That can save you thousands of dollars over the life of a loan. Even with a low-interest loan, say 3% on a $25,000 vehicle, you’ll end up paying an extra $32 in interest per month. Over 60 months, that’s nearly $2,000. (Learn how to finance a car and use Carfax’s auto loan calculator to determine your monthly payment with and without interest.)

0% APR Deal Trends

As we sift through car deals each month, we observe notable trends worth sharing.

This month’s 0 APR deals are similar to last month’s. Overall, a reduced supply of new cars, driven by supply chain disruptions like the global semiconductor shortage, means automakers aren’t feeling as much pressure to move excess inventory. As a result, we are seeing fewer appealing offers than we saw in the spring and summer of 2021.

Deals vary by location, so check with your dealer to make sure these offers are available in your area. You will likely need an excellent credit score to qualify for a 0% financing deal.
2022 Jeep Wrangler / Photo Credit: Stellantis

Alfa Romeo 0% APR Deals

• Giulia: 0% financing for 48 months
• Stelvio: 0% financing for 48 months

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Buick 0% APR Deals

• Enclave: 0% financing for 48 months plus $250 bonus cash
• Encore: 0% financing for 48 months plus $250 bonus cash
• Encore GX: 0% financing for 48 months plus $250 bonus cash
• Envision: 0% financing for 48 months plus $250 bonus cash

*Buick’s 0% financing deals apply to current owners and lessees of a qualifying GM vehicle.


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Cadillac 0% APR Deals

• XT4: 0% financing for 36 months plus $500 bonus cash
• XT5: 0% financing for 36 months plus $500 bonus cash
• XT6: 0% financing for 36 months plus $500 bonus cash
• CT4: 0% financing for 36 months plus $500 bonus cash
• CT5: 0% financing for 36 months plus $500 bonus cash

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Chevrolet 0% APR Deals

• Blazer: 0% financing for 48 months plus $750 bonus cash
• Camaro: 0% financing for 48 months plus $750 bonus cash
• Colorado: 0% financing for 48 months plus $750 bonus cash
• Equinox: 0% financing for 48 months plus $750 bonus cash
• Malibu: 0% financing for 48 months plus $750 bonus cash
• Spark: 0% financing for 48 months plus $750 bonus cash
• Silverado: 0% financing for 48 months plus $750 bonus cash
• Suburban: 0% financing for 48 months
• Tahoe: 0% financing for 48 months
• Traverse: 0% financing for 48 months plus $750 bonus cash

*Chevrolet’s 0% financing deals apply to current owners and lessees of a qualifying non-GM vehicle.


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Chrysler 0% APR Deals

• 300: 0% financing for 72 months plus $500 bonus cash

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Dodge 0% APR Deals

• Challenger: 0% financing for 72 months plus up to $2,500 bonus cash
• Charger: 0% financing for 72 months plus up to $2,500 bonus cash
• Durango: 0% financing for 72 months plus up to $2,500 bonus cash

*Some trims are available with no payments for 3 months


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Fiat 0% APR Deals

• 500X: 0% financing for 72 months plus $500 bonus cash

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GMC 0% APR Deals

• Acadia: 0% financing for a limited term
• Canyon: 0% financing for a limited term
• Sierra: 0% financing for a limited term
• Terrain: 0% financing for a limited term
• Yukon: 0% financing for a limited term

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Hyundai 0% APR Deals

• Ioniq Hybrid & Plug-In Hybrid: 0% financing for 60 months
• Kona Electric: 0% financing for 60 months plus $1,500 bonus cash
• Nexo: 0% financing for up to 60 months plus $7,500 bonus cash

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Jeep 0% APR Deals

• Compass: 0% financing for 36 months plus up to $500 bonus cash
• Gladiator: 0% financing for 36 months plus up to $1,500 bonus cash
• Grand Cherokee: 0% financing for 48 months plus up to $1,500 bonus cash
• Renegade: 0% financing for 48 months plus up to $1,500 bonus cash
• Wrangler: 0% financing for 36 months

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Kia 0% APR Deals

• Niro EV: 0% financing for 60 months

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Nissan 0% APR Deals

• Altima: 0% financing for 36 months plus up to $500 bonus cash
• Armada: 0% financing for 36 months
• Frontier: 0% financing for 36 months
• Kicks: 0% financing for 36 months
• Leaf: 0% financing for 72 months
• Maxima: 0% financing for 36 months
• Murano: 0% financing for 36 months plus up to $1,000 bonus cash
• Pathfinder: 0% financing for 36 months
• Rogue Sport: 0% financing for 36 months
• Sentra: 0% financing for 36 months
• Titan: 0% financing for 36 months
• Versa: 0% financing for 36 months

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Ram 0% APR Deals

• Ram 1500: 0% financing for 48 months plus up to $2,500 bonus cash

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Subaru 0% APR Deals

• Impreza: 0% financing for a limited term
• Legacy: 0% financing for 63 months
• Outback: 0% financing for a limited term

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Toyota 0% APR Deals

• Mirai: 0% financing for 72 months

RESEARCH TOYOTA MODELS
GET DETAILS FROM TOYOTA2022 Chevrolet Equinox / Photo Credit: Chevrolet

More Deals on New and Used Cars

Many automakers have been offering 0% financing, long loan terms, and cash-back bonuses due in part to the recovery from the COVID-19 pandemic. That said, some of the best incentives have started to fade away over the past few months, so it may be wise to take advantage of these offers sooner rather than later.

Some brands are still offering appealing lease deals as well. Leasing may be a better option for some people since it typically means a lower monthly payment and lower out-of-pocket costs.

Buying a used car can save you even more money. Some automakers have excellent financing offers and deferred auto loan payments on certified pre-owned cars. To learn more, check out the best used car deals this month.

You can also see what’s available near you by searching Carfax Used Car Listings. Every car comes with a free Carfax Vehicle History Report to help you better understand each vehicle’s maintenance record and whether there’s been any damage reported.