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Does the bank determine how long they will finance a car loan for you? |
when it comes to financing a vehicle, does the bank/institution determine how long the loan will be? 36, 48, 60, 72 months? im looking at an 05 and i dont want to be put in the 36 months bracket as my payments are expected to be too high. the car is 11995 but we want to get it down to 10500 or a lil lower. i want to have some say in the finance negotiations. On a 2005 model you can chose however long you want to finance the vehicle for. Usually if the car is older, they won't allow you to finance it as long. I would strongly not recommend financing it longer than 3 years though. You may end up with negative equity. Your choice...There are certain parameters the Bank considers when determining the amortization/term of the loan. Year of the vehicle, equity (cash) into the purchase, borrower's credit history. It is quite common to receive a term of 60 months on a newer vehicle (vehicles less than 3 years old). You should be requesting the term you want... if one Bank says no...look around some more. usually a "new" car will have the option of a 48 or 60 month loan depending the resale value of the car. If the car is 05 or 06 you shouldnt have a problem with either one of these, unless it has ungodly high milage or another problem with it. You can sometimes talk them into giving you a longer or shorter financing time. We were offered a 60 month rate and were able to ask for the 72 month because we had good credit. It lowered our payment a bit but we still pay more so it helps our principle. You choose what the financing terms are. Whatever you do, don't go in there and "fall in love" with the car. Just know you can go somewhere else and get it also. Don't be afraid to get up and leave. Believe me, they will stop you and lower the price. You can definitely get the price down to where you want it. The end of the month is the best time to buy a car, as they are trying very hard to get as many sales for the month as they can. typically the bank helps you out, hopefully, I got to choose between a 4-5 year loan, I could've even been set up for a 5+ year loan, but if you need to take that much, that's way too much car. |
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