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Are 72-month loans the most popular?

I've read that 60-month loans are going out of style in favor of 72-month loans. Is this true?

avatar
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
You’re right! As of 2020, 72-month
car loans
 have become the most popular length of car loan from coast-to-coast.
These loans are more popular than ever due to a variety of factors, namely the mix between low monthly payments, more financial flexibility to pay as you please, and record-low interest rates. While 60-month loans were the most popular before, buyers put more of a premium on low payments so they can get more than they could with a shorter-term loan.
That said, 72-month loans aren’t without some cons, such as:
  • More interest paid over the duration of the loan
  • Car fatigue, if you want a new car before you’ve paid off the old one
  • Warranty running out
  • Having to carry full coverage car insurance for 72 months
If you decide to go with a 72-month loan, you can save money by getting the best car insurance rates. Use the
Jerry
 app, and in just minutes, you can compare quotes from dozens of insurers and save the most money.
More:
Should you get a 72-month car loan?
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