Term for Used Cars

[spearmint]

How long can you finance a used car for these days? Is the max 4 years?

[relief13035]

I financed mine for 6 years. It was a (1) year old certified pre-owned so I don't know if that makes a difference.

[spearmint]

Six years! That would make me feel a little better about paying such a high rate then. Gosh this bankruptcy/credit score in the tank situation is dreadful!

[HHM]

Financing any car for 6 years is pretty stupid, financially speaking.

[CharlesDick]

4 or 6 years that is an staggering interest along with it for a used car. I don't mind if it is brand new, but for a used car, is it wise to finance it for that long? I guess 2years financing for used car is nice.

[IninOxward]

Yes I do agree that 4 to 6 years financing is to long for a used car, I don't mind if it is a brand new car. I guess 2 to 3 years financing is good enough, to avoid to much interest.

[HHM]

To follow-up on the OP's original question, there is no inherent maximum.

For used cars, the max probably is 6, and I have seen 8 years for new cars. However, as I previously mentioned, actually financing a car for that long is a dumb financial move. If you have to finance a car for 6+ years...GET A CHEAPER CAR.

[StartingOver08]

I have to agree with HHM - here we are in a BK forum and people are still financing cars for forever!

I have said before (and was promptly boo'ed out of the thread) that no car should be financed for more than 36 months. The only way around it is as HHM just suggested - buy cheaper. Or put down more $$$$. We already have BTDT! We really should not finance any more vehicles at all - lets start a new drive to buy cars cash. Time to put our new found knowledge to work again!