Is an 84-month car loan a good idea? (2022)

Auto loans with a term of 84 months are more common than they used to be. However, they are still not as common among lenders as 24- to 72-month terms. If you think an 84 month car loan is the right choice for you, you have a number of options.


Traditional banks are often the first stop when borrowers look for car loans. With many of the largest banks now offering 84-month financing, it might be worth checking out if yours is one of them.

Some banks offer you a discount on your car loan rate if you have a checking account, savings account, credit card or other financial account with them. Even if your bank doesn’t, it’s worth considering the convenience of having all your banking in one place.

credit unions

Credit unions offer many of the same benefits as commercial banks, but in the form of member-based organizations. While credit unions can offer low rates and low fees, they require membership based on specific criteria to access their loan products.

Credit union membership requirements range from working for a particular employer to making a donation to an approved charitable organization to paying a membership fee. Many operate nationwide and offer 84 month auto loans as part of their portfolios.

Online lenders

You can also go digital for an 84-month loan. As more people buy cars on the internet, online lenders are becoming an increasingly popular source of financing. You will find plenty of options that offer longer loan terms.

And just because online lenders don’t have physical branches, doesn’t mean they aren’t reputable providers. Many are backed by established banks, and some are even the face of online loans from a larger bank.

Lending Marketplaces

With a credit marketplace, instead of applying to individual lenders, you enter your information into a portal and wait for loan offers.

In addition to reducing the legwork, this option allows you to compare loan offers in one place. However, if you are using any of these marketplaces, you should research lenders carefully. While you will get offers from established lenders, you can also get offers from less reputable ones.

car dealers

Most car dealerships offer their own financing options, and many offer car loans with 84-month terms. You may be able to find a good deal on a long-term car loan. Dealers, especially single brand dealers, sometimes offer 0% financing, even on longer term loans.

Don’t just assume you’re getting the best deal from the dealer. Car buyers can also find some of the highest interest rates at dealerships.