Should I finance my vehicle over 60, 72, 84, or 96 months?

One of the most frequent questions we receive at Auto Durocher is:

“What is the best financing term: 60, 72, 84, or 96 months?”

The answer often surprises buyers.

Contrary to what many think, the best term is not always the one that costs the least in interest. The best term is often the one that allows you to buy a vehicle that truly respects your budget without putting your financial situation at risk.

The biggest mistake: looking only at the total cost

On the Internet, many experts claim that you must always choose the shortest term possible.

In theory, they are right.

In practice, that is not always the reality.

If 60-month financing forces you to dedicate too large a portion of your income to your vehicle, you risk finding yourself financially strapped for several years.

A vehicle must fit into your budget, not the other way around.

Financing over 60 months

The 60-month term is often considered the ideal scenario.

Advantages

• Less interest paid
• Principal paid off more quickly
• Vehicle value generally higher than the loan balance
• Ability to change vehicles sooner

Disadvantages

• Much higher payments
• Can limit the choice of vehicles
• Harder for some families to stick to their budget

For whom?

Buyers who have a comfortable income and want to minimize the interest paid.

Financing over 72 months

The 72-month term remains an excellent compromise.

Advantages

• More affordable payments than over 60 months
• Total cost is still reasonable
• Often allows access to a newer vehicle

Disadvantages

• Higher interest than 60-month financing

For whom?

Families looking for a good balance between payment and total cost.

Financing over 84 months

At Auto Durocher, many clients choose this option.

Why?

Because it often allows you to get a newer, more reliable, and better-equipped vehicle while keeping a reasonable payment.

Advantages

• Much more accessible payments
• Often allows you to buy a newer vehicle
• Offers more budget flexibility

Disadvantages

• Higher total cost of financing
• You must choose a vehicle that will hold its value well

Our opinion

Contrary to what many believe, the 84-month term is not automatically a bad decision.

If this term allows you to buy a newer vehicle with lower mileage and less risk of major repairs, it can be highly advantageous.

We often prefer to see a client in a recent vehicle financed over 84 months rather than a much older vehicle that could require several thousand dollars in repairs.

Financing over 96 months

Financing over 96 months is frequently talked about.

What you need to know

This option is generally only offered on certain recent vehicles that meet the criteria of financial institutions.

An 8- or 10-year-old vehicle is usually not financed over 96 months.

Advantages

• Lowest payment possible
• Allows you to stay within a tight budget
• Sometimes allows access to a newer and more reliable vehicle

Disadvantages

• More interest paid
• Longer commitment period
• Must be used in a well-thought-out manner

Our opinion

Financing over 96 months is not a bad solution when used correctly.

For example, if the difference between a 3-year-old vehicle and a 7-year-old vehicle represents only a few dollars a week thanks to the financing term, many clients prefer to choose the newer vehicle.

What we actually recommend

At Auto Durocher, we believe you must first determine the payment that suits your budget.

Only then should you choose the appropriate vehicle and financing term.

Too many consumers do the opposite.

They choose the vehicle of their dreams before checking if the payment is genuinely adapted to their financial situation.

Think about the total cost of ownership

Your car payment is only one part of the equation.

You must also consider:

• Gas
• Insurance
• Winter tires
• Maintenance
• Brakes
• Eventual repairs
• Registration

A vehicle with a slightly higher payment can sometimes cost less in the long run thanks to better reliability and better resale value.

So, which term should you choose?

Choose 60 months if:

• You want to pay the least interest possible
• Your budget easily allows it

Choose 72 months if:

• You are looking for a good balance
• You want to slightly reduce your payments

Choose 84 months if:

• You want to keep an affordable payment
• You want to buy a newer and more reliable vehicle

Choose 96 months if:

• You are looking for the lowest payment possible
• The vehicle is recent
• You plan to keep it for a long time

Auto Durocher Verdict

There is no perfect term for everyone.

The best financing is the one that allows you to buy a reliable, safe vehicle adapted to your budget without compromising your other financial goals.

At Auto Durocher, we analyze each situation individually in order to find the right balance between the vehicle, the payment, and the financing term, rather than simply looking for the easiest approval.

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