The longer the loan term, the more you’ll end up paying in interest over the life of the loan. Is a 72-month car loan bad on an SUV?ħ2 and 84 month loans are worse than shorter loans. As long as you can afford the loan, a 0% APR deal on a new vehicle can be a great deal. Is 0% financing on an SUV a good deal?Ġ% financing can be one of the better car deals available, but it is usually reserved for very well-qualified customers or only on certain models. However, most manufacturers release new car incentives each month. Typically, the best time to buy a new SUV is at the end of December, or at the end of any quarter (March 31st, June 30th, and September 30th). These include SUVs like the Hyundai Venue, Hyundai Kona, Ford EcoSport, and Nissan Kicks. You can often find an SUV for around $17,000 - $20,000 before any negotiations. What is the most affordable SUV to buy right now? Buying a used SUV instead to get a vehicle without spending as much money.įrequently Asked Questions What car companies are offering 0% APR on SUVs?īrands like Ford, Kia, Hyundai, and Nissan consistently put out new 0% APR deals each month on their line of SUVs and crossovers.Shopping around for financing online where you can expect to pay a lower APR than a bad credit loan at the dealership.Making the largest down payment possible which will reduce the balance of your loan and the size of your monthly payments.Negotiating the purchase price to a lower amount by getting price quotes from several local dealers.So, to lower the overall cost of your SUV, consider… If your credit isn’t great, you may have to take on a loan with a high interest rate which can add thousands to the life of your loan. To qualify for low financing to purchase that new sport-utility vehicle or crossover, you will realistically need a credit score of at least 700. How can you get SUV financing with bad credit? You can use your outside loan or ask the dealership to match the annual percentage rate. To combat this, get pre-approved by online lenders, your bank, or credit union before heading to the dealership. If that’s not the case, the dealer will likely try to convince you to use their financing with an extra 2-4% interest padded above market rates. If you want to take advantage of low or no-interest financing specials at the dealership, you must be considered a well-qualified buyer. In addition, a loan special often cannot be combined with other incentives and may require a certain purchase price. Long loan terms may be necessary if you don’t have the funds to pay off your car loan within the often shorter amount of time granted with lower APR offers.Ī 0 percent APR for 72 months might be a great option, but if you aren’t sure that you’ll be able to pay the SUV off within that time frame, you may need to look at other options and forfeit that 0% APR option.Įven if you feel confident that you will be able to pay back your loans, read the fine print to see if the special terms and conditions make the 0% APR offer not worth it. Most full-size SUV’s start in the $40,000 range. They also have better off road capabilities and towing capacity. ![]() They are much less fuel efficient than smaller SUV’s and typically have a six or eight-cylinder engine. They have a high, elevated ride and are very spacious. Large SUV’s, also known as full-size SUV’s, usually have a truck chassis and drive much more like a truck. Most mid-sized SUVs start in the $30,000 range. You’ll also get more cargo space behind the rear seats. They often have towing capability with a six-cylinder engine. Mid-sized SUV’s are closer to trucks with an elevated ride, more headroom, and those with four-wheel drive can handle more difficult terrain. Most compact SUV’s start in the mid $20,000 range. Small SUV’s are sometimes called a crossover and like sub-compacts, usually share a car chassis. Small SUV’s drive more like a car than a truck and are typically equipped with a four-cylinder engine with better gas mileage than its larger siblings. Most sub-compacts start in the low $20,000 range. ![]() They have similar maneuverability to cars, however, they don’t add much cargo space and you won’t be able to handle any serious off-roading. Sub-compact SUV’s usually share a chassis with similarly sized cars and are sometimes called a compact crossover. SUV’s come in four main sizes: sub-compact, small, mid-sized, and large. ![]() Before taking out a loan to buy an SUV consider these things. SUV’s offer more headroom, versatility, and off-road capability than sedans, but they are typically more expensive.
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