Cruisin’ for 7 Years: Does Nissan Offer 84-Month Financing?
You’ve got your eye on that sleek new Nissan, but the sticker price has you feeling a little hesitant. Stretching your budget is tough, and a shorter loan term means bigger monthly payments. You might be wondering if there’s a way to ease the financial burden without sacrificing your dream car. 
Enter the alluring world of 84-month financing – that’s a whopping seven years to pay off your vehicle! But does Nissan offer this extended loan option?
The short answer is: it depends.
Nissan dealerships have flexibility in their financing programs, and what’s available can vary depending on factors like your credit score, the specific model you’re interested in, and current market conditions.
Here’s a breakdown of things to consider:
* Credit Score Matters: Like most lenders, Nissan dealerships generally offer longer loan terms to borrowers with excellent credit scores. A higher score indicates lower risk for the lender, making them more likely to approve an 84-month financing plan.
* Vehicle Age and Model: Newer models might be eligible for extended financing options, while older used cars might not qualify. This is because newer vehicles typically depreciate slower, reducing the lender’s risk in case of default.
* Market Conditions: The automotive market fluctuates constantly. Interest rates, inventory levels, and promotional offers can all influence the availability and terms of financing.
The Pros and Cons of 84-Month Financing:
While a longer loan term sounds tempting with its smaller monthly payments, it’s crucial to weigh the pros and cons carefully:
Pros:
* Lower Monthly Payments: This is the biggest draw for many buyers. Stretching your payments over seven years can make a new car significantly more affordable in the short term.
* Improved Affordability: 84-month financing can open up the door to a vehicle you might not have been able to afford with a shorter loan term.
Cons:
* Higher Total Interest Costs: Remember, you’re paying interest for a longer period, which means you’ll ultimately pay more in interest charges over the life of the loan.
* Risk of Negative Equity: With extended financing, your vehicle might depreciate faster than you’re paying off the loan balance, potentially leading to negative equity (owing more on the loan than the car is worth). This can be problematic if you need to sell or trade-in the vehicle before the loan term ends.
* Potential for Higher Interest Rates: Lenders often charge higher interest rates for longer loans because they carry greater risk.
So, What Should You Do?
1. Check with Your Local Nissan Dealership: The best way to find out if 84-month financing is available for the Nissan you’re interested in is to contact your local dealership directly. They can provide personalized information based on your specific situation and current offers.
2. Shop Around for Financing Options: Don’t limit yourself to just dealership financing. Explore options from banks, credit unions, and online lenders to compare interest rates and terms.
3. Run the Numbers Carefully: Use an online loan calculator to estimate your monthly payments and total interest costs for different loan lengths. This will help you make an informed decision based on your budget and financial goals.
Remember, buying a car is a significant financial commitment. It’s crucial to choose a financing option that fits your individual needs and helps you drive away happy without ending up in a financial ditch down the road.
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