Question

If my trade in leaves me with still owing $5000 and I buy an $8000 vehicle, can I finance the new loan for 72 months?
Update: My trade is a 2008 Eclipse I owe 14,500 worth 9500 on a trade in. I want to trade for a vehicle that is a 2003 Acura MDX.

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Answer 1

The average life of a vehicle is 10 years. Most banks therefore will not go longer than 3 years on a 7 year old car.