Where can I get an auto loan with long term financing (8-10 years or longer)?

This is a fairly new concept (in the U.S. at least), but many dealerships, banks, and credit unions offer financing beyond the typical 60 month maximum. Mercedes Benz began offering a 7-10 year finance option back in the late 90's. A lot depends on the car and the buyer's credit in terms of being approved for such a loan. I also understand the interest rates can be (but not always) higher than on a standard 24-60 month lease/loan. I asked a dealer once who was crazy enough to "mortgage" a car. He said that some people just liked to have the flexibility to pay less or more when they choose and that most people end up paying it off sooner than 84-120 months. He also said that the loans appealed to those who had good credit and income, but fell a bit short of being able to afford a luxury vehicle at 24-60 month terms at that point in their lives, so they take longer loan terms. So getting back to your original question, check with your bank or credit union first to see if they offer ...  more

A 10 year loan is a whopper! First off, as a former car salesperson I can tell you that when you finance longer than 72 months you can't purchase GAP or a warranty, so you're stuck with the factory warranty as long as that lasts. Secondly, By the end of it's 6th year the van will only be worth around $4,000, and you'll still be paying more than this by stretching the payments. Honestly, sir or maam, if you can't afford a 6 year loan you might want to look at a reasonably priced used van that you can add your wheelchair equipment too. If you are in a major car wreck any time in the first 5 years of that loan (probably longer) you're going to be in real financial trouble due to the resale value vs. what you owe. Good luck to you! Hope this helps!  more