Question by Kevin H: 84 Month auto loan on a 00 dollar car? I'm turning 16 in two months and would like to buy a car when i turn 16. (i'll be getting my license) and was wondering if a 84 month auto loan would be a good idea. I would pay off the car when i turned 18, i have money in a trust fund that will pay off the car loan easily. so i would make like $ 120 payments a month until i was 18 and get my money and pay off the loan. what do you think? i know that my mom will have to sign a contract for me. Best answer for 84 Month auto loan on a 00 dollar car?:
Answer by alfredb1979
No way. 84 months is for NEW cars, if that. Not only not a good idea, but impossible for a used car. Besides, you're a minor. You can't sign a contract. That means you can't get a loan. Mom and dad will have to pull this loan for you and it would be 36-48 months at most. P.S. Was that trust fund for a car purchase? Think about that.
Answer by lady_jane_az
That is a 7 year loan! No not a good idea.
Answer by sarahsmile90
It doesn't work that way. You don't decide on the terms of how long you have to pay it off or how much your payment will be. Your Mom and the car have to qualify. Not to mention a nine thousand dollar car is going to cost more than $ 120 a month.
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Knoxville Firefighter's Federal Credit Union's auto financing offer applies to new, never owned vehicles only. The maximum allowable term for repaying the auto loan is capped at 84 months or 7 years. The credit union also offers members the option of ... Auto Financing Deal of the Day: Knoxville Firefighter's Federal Credit Union ...
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