Can you finance a car for 9 years?

Can you finance a car for 9 years?

Typically, a bank won’t finance any vehicle older than 10 years, even if you have good credit. If you don’t have great credit, you may find it difficult to finance through a bank, even for a new car.

How many years can you finance a used car Malaysia?

nine years
Another factor that might affect your installment and interest is the loan period. In Malaysia, the maximum repayment period for a car loan is nine years. The longer you stretch the repayment period, the less installment amount you’ll pay per month, though at the expense of incurring more interest over the long run.

Can you get an 8 year loan on a car?

Auto loans have gotten longer. Six- and seven-year loans are becoming an increasingly popular choice — and some lenders will even stretch out those payments eight years. These long-term loans allow buyers buy the vehicle they want with the monthly payments they can afford.

What’s the longest you can finance a car?

The longest term available for an auto loan is 10 years, or 120 months. A loan of this length will result in a low monthly payment, but the savings may be eclipsed by the huge interest costs. Also, note that most lenders do not offer 10-year auto loans.

Is it smart to get a 7 year car loan?

An 84-month auto loan can mean lower monthly payments than you’d get with a shorter-term loan. But having as long as seven years to pay off your car isn’t necessarily a good idea. You can find a number of lenders that offer auto loans over an 84-month period — and some for even longer.

What’s the longest car loan I can get?

Is it OK to finance a car for 7 years?

Which bank gives car loan for 8 years?

With IDFC FIRST Bank, you have the flexibility to choose a tenure that suits your car finance budget. We offer tenure of up to 10 years, subject to certain conditions.

How long can I finance a 2013 vehicle?

When you finance, the loan length can range from 24 to 84 months, depending on your particular needs.

How old can a car be for a car loan?

The most common restriction is the age of the vehicle, most financiers require a used car loan vehicles to be no older than 12 years of age at the end of the proposed finance term. That means if you wanted to apply for a 5 year loan, the car can be no older than 7 years old at the time of purchase.

Is 6 years too long to finance a car?

There’s really only one benefit of a long-term auto loan that spans six to seven years or even longer. The longer the car loan, the smaller the monthly payment. By taking out financing with an extended loan term, you can potentially buy a more expensive car and still stay within your monthly budget.

How long can you finance a 2018 vehicle?

When you finance, the loan length can range from 24 to 84 months, depending on your particular needs. With longer loan terms, monthly car payments are lower, allowing you to buy something a little more expensive than you’d initially planned.

Can you do a 6 year car loan?

Is 5 years car loan too long?

They are trying to get a good interest rate and a reasonable monthly payment. But a five-year loan often has a monthly payment that is too high for them, and they end up financing for a longer term even if it costs them more down the line, Zabritski said.

Can I get a car loan for 7 years?

What is the maximum repayment period for a car loan in Malaysia?

In Malaysia, the maximum repayment period for a car loan is nine (9) years. The longer you stretch the repayment period, the less instalment amount you’ll pay per month, though at the expense of incurring more interest over the long run.

What kind of car loans are available in Malaysia?

Whether you’re buying a new or used car you’ll find our comprehensive Malaysian auto loan list steers you in the right direction. We’ve got flexi loans, graduate loans, low interest rate loans and the best used car loans on the market.

Why are Malaysia’s car loans so bad?

In Malaysia, things are even worse not just because 9-year long car loans are the norm but also because our hire purchase repayments are calculated based on the principal sum.

How do I use the online car loan calculator in Malaysia?

To use our online calculator, simply choose the make and model of your car then drag or key in your preferred loan amount and loan period at the top of this page. Upon completion, the online car loan calculator in Malaysia would generate a list of available car loan packages fitting…