does carmax offer 84 month financing

Cruising Towards Longer Loans: Does CarMax Offer 84-Month Financing?

Buying a used car is often a big financial decision, and finding the right financing terms can make all the difference. You might be wondering if CarMax, known for its no-haggle pricing and wide selection of pre-owned vehicles, offers financing options that stretch out over a longer period like 84 months (7 years). Let’s delve into the details to help you navigate your car buying journey.

CarMax Financing: The Basics

CarMax is renowned for its transparent approach to car buying, and their financing options are no exception. They partner with a variety of lenders to offer competitive rates and terms tailored to different credit profiles.

Typically, CarMax offers loan terms ranging from 36 to 72 months. This means you can choose a monthly payment that fits your budget by spreading the cost of the vehicle over a period of three to six years.

84-Month Financing: The Big Question

Now, about those longer loans… While CarMax doesn’t explicitly advertise 84-month financing on their website, it’s worth noting that they do work with several lenders. This means there’s a possibility you could qualify for a loan term exceeding 72 months depending on factors like your credit score, the vehicle price, and current market conditions.

The Pros and Cons of Extended Financing:

Opting for an extended financing term like 84 months can be tempting because it results in lower monthly payments. However, there are some important considerations:

* Lower Monthly Payments, Higher Total Interest: While your monthly payment will be smaller, you’ll ultimately pay more in interest over the life of the loan compared to a shorter term.
* Vehicle Depreciation: Cars depreciate in value over time, and with an 84-month loan, you could potentially end up owing more on the loan than the car is worth, especially if you choose a vehicle that depreciates quickly.

What To Do Next:

If you’re interested in exploring financing options beyond CarMax’s standard offerings, here are some steps to take:

1. Check Your Credit Score: Knowing your credit score beforehand will give you a better understanding of the interest rates you might qualify for.

2. Talk to a CarMax Finance Specialist: Discuss your specific financial situation and desired loan term with a CarMax representative. They can check with their lender network to see what options are available.
3. Shop Around: Don’t limit yourself to just CarMax financing. Compare rates and terms from other lenders, including banks and credit unions.

Remember: Buying a car is a significant investment. It’s crucial to choose a loan term that aligns with your financial goals and doesn’t leave you feeling financially strained.

By considering all the factors involved and doing your research, you can make an informed decision about the best financing option for your situation. Happy car hunting!