Does Kia Offer 84-Month Financing?

By

Automotive Content Editor

Meghan Carbary has been writing professionally for nearly 20 years. A published journalist in three states, Meghan honed her skills as a feature writer and sports editor. She has now expanded her skill-set into the automotive industry as a content writer for Auto Credit Express, where she contributes to several automotive and auto finance blogs.


, Automotive Content Editor - December 23, 2021

Kia is one of a handful of automakers we expect to see 84-month financing from throughout the year, but there are a few caveats to watch out for. We typically see longer-term loans for higher credit tiers but Kia tends to push the envelope on this – which is a great thing for buyers on the lower end of the credit spectrum. However, these loan terms typically top out at 73 to 75 months on select new vehicles.

84-month financing isn't off the table though. According to a dealer incentive bulletin, current borrowers with credit classified as Tier 1 or Tier 2 – a FICO score of 720 and above – may qualify for 84-month financing starting at rates as low as 2.9% APR on a new 2022 Niro EV. The APR starts at 4.25% for the same qualifying buyers of a 2022 Carnival minivan when financed through Kia Motor Finance (KMF).

These options for a longer loan term may seem like a good idea if you qualify, but the savings each month may not outweigh the amount of interest you have to pay when you stretch out a loan. To combat higher costs from added interest, it's recommended that you pay the most you can afford each month, for the shortest loan term possible. This tends to earn borrowers the most savings during financing.

For example, if you were to finance a $35,000 Kia with a seven-year loan at 4.25% APR, you're looking at over $5,500 in interest charges before taxes & fees. If you finance the same vehicle at that rate for 60 months, your monthly payment goes up a few hundred dollars a month, but you're saving in total interest charges making the cost of the vehicle $38,912 instead of $40,526 after interest.

If the lower monthly amount is more important to you than overall savings, Kia is a good brand to keep in mind when searching for an 84-month financing offer, but these tend to come and go throughout the year. Not all models qualify for 84-month financing. To find a Kia and financing term that fits your situation check your local Kia dealership.

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Pictured: 2022 Kia Carnival (Top), 2022 Kia Niro EV (Middle)

, Automotive Content Editor

Meghan Carbary has been writing professionally for nearly 20 years. A published journalist in three states, Meghan honed her skills as a feature writer and sports editor. She has now expanded her skill-set into the automotive industry as a content writer for Auto Credit Express, where she contributes to several automotive and auto finance blogs.


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