Financing is an excellent way to get a great Chrysler car without needing to have a ton of money on hand. Plus, you get to decide some of the terms, including the length of your loan. For example, 72-month Chrysler financing has a lot of benefits, but there are also some potential disadvantages to consider, and Hall Chrysler Dodge Jeep® RAM Virginia Beach goes over what buyers should know.
Pros of 72-Month Chrysler Financing
Perhaps the biggest reason to think about 72 months for financing is that it helps you shrink your payments. The longer your loan, the less you will need to pay each month. This will let you free up money for other living expenses or just to put more in your savings account. For many buyers, a long-term loan is the best way that they can afford a newer car.
Cons of 72-Month Chrysler Financing
Not having to pay as much for your car every month probably sounds enticing right now, but be careful. A downside to a long loan is that the interest adds up, and the total overall cost of your car will increase over time. It’s also possible that your interest rate will be higher to begin with, as lenders often see a 72-month loan as a higher risk compared to shorter loans. Another thing to think about is warranty coverage, as the Powertrain warranty for a new Chrysler model is good for five years.
Get Pre-Approved for Chrysler Financing
Figuring out how long your loan should be is a big decision. If you’re not sure what’s best for you, get in touch with the financing department at Hall Chrysler Dodge Jeep® RAM Virginia Beach. Or, if you’re ready to get started, you can fill out our online application to get pre-approved.