Speedy has another question

The SPEEDY · June 26, 2004

How many years can you usually finance a used car for? Or is that not set in stone. Some people tell me it depnds on your credit, others say it is set in stone, say 3 years at the most. Will credit unions let you finance a vehicle longer? I know, I need to talk to the credit union, but it's the weekend and they ain't open.

I have to get a car before school starts again, and financing one is the only way that is going to happen.

Edit: I really need to finance for 5 years. Is that at all possible?

bowtie_pasta · June 26, 2004

It's really negotiable and depends on your credit and type of car you are buying (new or used).

I financed a used truck through my credit union and the longest they would go for me was 5 years because it was used.

The SPEEDY · June 26, 2004

Cool, hopefully I can get 5 years. Too bad I don't have a down payment or I wouldn't have to finance it for so long.

99Silver6.0 · June 26, 2004

I called a bank in town and they offered 5 1/2 years financing on a used 2002. Seemed like a pretty good deal to me at 4.1%. 5 years should not be a problem as long as the vehicle in quesiton isnt too old.

The SPEEDY · June 26, 2004

The car I'm looking at is a 2002. I doubt I can get an intrest rate that low though, we will see, hopefully my dad will go talk to the credit union for me while I'm at work on monday. Hopefully I can get approved and then I'll get my Manager at the dealership I work at to buy the car before someone snatches it up.

carguru · June 27, 2004

At most places, you should be able to get up to a 60 month (5 years). There are some that are offering 72 months (6 years). The only bad part of this is that the payments on the 6 year is about the same as the 5 year due to the interest rates. Also, if you have very good credit, you can get a new vehicle financed with 0% as cheaply as a used car financed. Just a thought.

99Silver6.0 · June 27, 2004

Credit Unions tend to have lower interest rates than banks. At least thats what I found. When I got my truck, I called a few different banks and then a Credit Union back where I used to live. The bank was gonna give me like 8.4%. Credit Union set me up with 4.5% for 5 years.