has anyone shopped for an 84mo. loan? my wife thinks paying over $400 a mo. for a car is too much and 72mo. wont cut it. please list 84mo. rates if avail. also leasing will not work, i put on too many miles. thank you....

If you own a home with equity, you can always get a home equity line of credit (similar but different from home equity loan, HEL). The line of credit works just like a credit card, except for your interest is tax deductible.

For example, my wife and I created one with our bank. We got a check from the bank and deposited it in our checking account. The amount of the check doesn't have to be the full amount of your line of credit. That's one of the differences from the HEL. Another difference is that you can make as many withdrawls from the line of credit as you want without any additional paper work. Remember it works just like a credit card and you don't have to state why you need the money. Anyway, we went out and bought her new Mercedes with a cashiers check from our checking account.

Our rate is the same as the prime rate which I think is currently 4.25%. Our payback rate is only 1.5% of the principle/month, but we are making a bigger payment. Planning on paying it off in 3 years, but if we just make the minimum, it think it works out to 8 years, give or take a few months. In addition, we own the title of the car the whole time where as in the regular loan, the loan company holds the title until the loan is paid off.

Just a thought. Hope it is helpful to you.

My credit union offers a 84 month loan:

5.25% variable
5.90% fixed