PriceProtect™
DriveShield™
GarageGuard™
Services
Insurance
Car Insurance
Compare Car Insurance with Jerry
Jerry’s Expert Advice
Car Insurance Estimates
Home & Renters Insurance
Renters Insurance
Loans
Car Loan
Compare Car Loans with Jerry
Jerry's Expert Advice
Car Loan Guides
Repairs
Car Repair Estimates
Repair Estimates for Popular Services
Advice
Read Car Content
Browse Jerry Car Advice
Check Out Expert Car QnA
Learn About How We Create Content
Jerry Data & Research
Are a car loan and a car note the same thing?
I've heard people throwing around the phrases “car note” and “car loan.” I want to buy a car, so I need to know the difference. Is a car loan the same thing as a car note?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
While the phrases “car note” and “car loan” sound similar—and are indeed often used interchangeably—they’re actually not the same exact thing.
A
car loan
is a financial instrument involving a lender letting you borrow money to purchase a vehicle, which is then paid back monthly with interest. A car note, on the other hand, usually refers to that monthly payment you owe on your car loan.
Car loans can come in several different lengths—so you may have a car note (aka a car payment) due each month for a time period spanning 24 months (two years) to as many as 84 months (7 years). However, your monthly car note isn’t all you’ll be required to pay in car ownership.
Remember that sales tax, gas, maintenance, and car insurance all play into how much you pay regularly—and most lenders will require you to purchase a
full-coverage insurance policy
as a condition of your loan. View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
Join 4M+ members in lowering their car insurance
You Might Also Be Interested
Read Advice From Car Experts At Jerry
What Others Are Asking
Browse More Content
Insurance in Your State
Easiest way to compare and buy car insurance
No long forms
No spam or unwanted phone calls
Quotes from top insurance companies
