It’s tempting to sign the dotted line on a 72-month or 84-month auto loan when you see the monthly payment plummet into a much more reasonable range. Going from 60 months to 84 months on a $35,000 car can turn a $650 car payment into a sub-$500 payment. Sweet! Right?
But should you go for 72- or 84-month auto loans? There are drawbacks to consider with long-term auto loans, even with low, or no, interest.
Related: Car Loan Calculator