84 month car loans
84 month car loans are the auto or car loans offered for a period of 84 months or 7 years. Most of people fulfill their car purchase requirements through car loans and choose repayment period as per their income. Through 84 month car loans, monthly payments can be brought down to affordable levels. These loans are available for buying new as well as used cars. Apart from financial institutions like credit unions and online lending centers, car manufacturers and dealerships also offer 84 month car loans for some car models.
This is done for pushing the sales up. However, many experts feel that given present credit situation, these loans put borrowers in negative equity position for long period. When a person repays loan amount along with interest over a period of seven years, he pays a substantial interest amount. In most of cases, this amount is about one fourth of the price of car. It should be noted here that 84 month car loans are offered at higher interest rates. Some experts also feel that it is possible for a person to project his financial situation for next two or three years but for seven years, it is not possible. With so much uncertainty in the financial markets, getting loan for a period of seven years can have many repercussions.
Whatever are the reasons offered by various sources, it is certain that 84 month car loans are able to lower the monthly payments, which are affordable and thus, borrower does not have to face repossessions. By means of car loan calculators, a person can easily find out if he can bear the monthly installment or not. Let us understand more about 84 month car loans by discussing some lenders.
Some lenders of 84 month car loans
Keesler Federal Credit Union or KFCU is one of various sources offering 84 month car loans in United States. These loans are offered for buying new and used cars. A person can get up to 100% financing. However, it depends upon various factors like credit history. Interest rate applicable to a new or used 84 month car loans is as low as 5.45% APR. 84 months is the maximum repayment period allowed by this lender. Minimum qualifying amount for above loans is $30000. If a person goes for automatic payments through the checking account maintained at KFCU, he can easily get a rebate of 0.25% in interest rates.
Car loans are offered to members of credit union. KFCU has been offering loans for past 60 years. There are many other benefits also that are obtained. For example, a person can make his first payment in a time period up to 90 days. Apart from 100% financing, extended warranty is also offered. Pre-approval is offered in easy manner. Same low interest rates are offered for new and used vehicles. Low cost credit disability and credit life protection options are also available. Services are offered through the branches of KFCU located across the nation. Its international headquarters is located at 2602 Pass Road, Biloxi MS. Contact number of this lender is 228-385-5500.
E-Z-Car-Loans.com is one online source offering 84 month car loans in United States. It has been offering services since 1995 and has helped thousands of people in getting above loans. People with all credit types can apply. Loans are offered through a loan network comprising experienced and dedicated car loan professionals that search the best option on basis of requirements. Loans are offered across Canada and U.S and are applied on no-obligation basis.
Technology Credit Union or Tech CU is another source offering 84 month car loans in United States. A person can visit any of partner dealers for buying new cars. If a borrower wishes, he can also find a dealer near himself. This credit union also offers free auto buying service for finding the car as per the requirements. A person can get pre-approved for above loan. Loan amount is offered up to 100% of the purchase price of car. Finance towards extended warranty, dealer preparation, taxes, documentary fees, license etc is also available. New dealer purchased cars are offered mechanical breakdown insurance also.
Automatic payment option is also available with respect to savings or checking account maintained at Tech CU. Minimum loan amount for 84 month car loans is $25000 and APR varies from 6.1% to 14.35%. A discount of 0.25% in the interest rate is offered if a person purchases his used or new car through car store maintained by this credit union. Similarly, a discount of 0.3% is offered on Fuel Smart. Loans offered are secured against the vehicle as well as deed of trust of the residential property of borrower. In most of cases, interest paid is tax deductible. Maximum loan amount is based upon the approved credit.
Family 1st Credit Union also offers 84 month car loans in United States. It can be contacted at 800-293-3000. Minimum loan amount is $30000. In case of used car, it should be purchased on or after 2005. APR applicable is 7%. Requirements include same employment for past one year, one year in Utah County Area, vehicle run for less than 50000 miles, no derogatory credit history etc.
Avoiding 84 month car loans
There are some reasons provided by the experts for avoiding 84 month car loans. First of all, a person pay thousands of dollars more towards interest as interest is applied at higher rate. In most of cases, before loan is totally repaid, a person wants new car. In such cases, buying new car becomes a problem. Since new car purchases depreciate quickly and debt is reduced slowly, a person may owe great amount with respect to price of car. Even if a person gets rid of car somehow, he shall be paying for it. With operating costs increasing as car become old, payment for loan can really put a borrower in great problem.