Anyone have any thoughts on a 72 month loan term for a 2003 SE? Seems as if this is the only way to get my payments down into the numbers I need- is this a dumb thing to do vs a 5 year loan?
Thanks for the help,
D

 

Dont do the 6yr loan, as it is the Maxima holds zero value, if you go 6yr, you will be upside down for at least 3yrs. Stay with 5yrs or less.

Dixit

 

ahhh yes, I was wondering about that... THANKS!
D

 

72 months isn't as bad as you think. I myself went the 72 months at one time to keep my payments low. When I was able to give extra money I would so I can pay off the car faster, but when work was slow I didn't have to stress on paying more money as if I was on a 60 month contract. Make sure you get a simple interest contract.

 

oooh- thats a good point as well!!!
Thanks!
D

 

You will end up paying alot more in interest, and consequently more in total if you pay it off over a longer period in time. Also your resale value will be lower, Not to mention that nissans dont have that great of a secondary market value. Try to find a lender w/ low finance rates, alot of them are giving 0 and.5% loans.

 

I have never went with a car loan longer than four years.

My thinking is that after you settle on a good price, always go with as high of a monthly payment as you can comfortably afford. This way, you'll deal less with interest, and you will enjoy more payment-free years with the car once it's paid off (assuming you keep the car that long). And if you can wait, save, save, save for a good down payment. For my Maxima and my Sentra, I put down $10K cash each to keep monthy payments down more.

Also, I believe that sometimes you can only get the lower-interest or no-interest rates if you go for a 4-year or less loan.