What are 36 Month Auto Loans?

Taking out a car loan term for 36 months offers buyers a great opportunity to get a new or used vehicle at low cost. By applying for short-term financing in Lynnwood, WA you can will find that loan process will slightly different, while features numerous benefits. That is why we at DougsCreditCenter.com, want to offer you all the information you need to know about 36 month auto loans and how they can you out.

How to Get a 36 Month Car Loan

The first step is to go through the pre-approval process with the online application. With 36 month term auto loans, you will often have to show proof of:

  • A decent monthly income
  • A nice-sized down payment
  • Strong credit scores

However, the older the car you want is, the less these rules apply. For example, if you want short-term used car financing on a 10 year old vehicle, you do not have to make a gigantic down payment, have the highest credit scores, and only have an average financial situation.


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What You Need to Know About Payments

Regardless of the type of car you purchase, you should realize that your payments will be larger than if you did an extended term. Let's say that you owe $20,000 total on the car. With a 36 month agreement, you will be paying over $550 per month. If you opted for a 72 month contract, then that cost would be slashed in half. Let's say that you take out the loan and later realize that the payments are too much for you. You could also try to refinance for a longer agreement in Lynnwood.

The Benefits of These Car Loans

While having a car loan that last for 36 months might be a bit intimidating in terms of the monthly payments, some benefits definitely exist. Basically, when the loan is over, you are still going to have a new vehicle as long as it was new when you bought it. You do not have to worry about starting all over again from scratch. Even if you do want to trade the car in right away, you should be able to get a decent amount of money for the vehicle since it is still so young.

Taking out these types of auto financing with bad credit definitely has some benefits for you as the driver. Before you look into them, however, understanding some important information about how they function is crucial to your success.

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