Can I get a 7-year car loan?

I want to get a car loan and my friend told me 48 months was the best length. But after looking at loan rates and payments, a longer loan would work better for me. Can you get a 7-year car loan?

Good question! If you have the credit and income, you can certainly take out a 7-year car loan. Also known as an 84-month car loan, this length has become more popular in recent years with just over 18% of American borrowers getting an 84-month car loan.
An 84-month car loan can offer lower payments and greater financial flexibility due to the lower payments, but you also have to remain vigilant about the downsides of such a loan, which include:
  • Paying significantly more interest
  • Paying far more than the car is worth or owe more than the car is worth, which is known as being upside down
  • Your warranty possibly running out on a car that you still owe on, meaning you have to pay for every repair out of pocket
  • Car fatigue, which is when you get tired of your car and want a new one
  • Keeping full coverage car insurance on a car for seven years
The choice is up to you. So if you plan on moving ahead with an 84-month car loan, make sure that you at least save money on your full coverage car insurance. Download the highly-rated Jerry app to easily compare customized rates on full coverage from over 50 insurers to get the best price—and once you pick a plan, we’ll even help you switch.
Best of luck with the loan!
Eric Schad
Answered on Dec 14, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.

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