Can I get a 72-month used car loan?
I have my eye on a certified pre-owned Honda CR-V that’s three years old. I want to keep my monthly payments low, so I’m thinking of getting a 72-month car loan. Will lenders offer me a 72-month used car loan?
Certified pre-owned vehicles are certainly a bargain when you consider depreciation on new cars. Lenders can offer you a 72-month used car loan on the vehicle of your choice. However, you may want to consider other aspects than just a low monthly payment.
While a lower monthly payment can give you more financial flexibility or the ability to pay down high-interest debt, it can also create several issues. Some of the downsides of getting a used car loan for 72 months include:
- The warranty may run out
- You’ll pay a ton in interest compared to shorter loans
- Higher interest rates
- The resale value of the car may fall drastically
With all of these in mind, think hard before you decide to get a 72-month used car loan. If you still decide it’s the best option, make sure to get the most affordable car insurance by comparing quotes on the Jerry app.
As a licensed broker, Jerry can help you find and compare quotes from dozens of top providers. When you find a great rate, Jerry can help you buy your new coverage. The average Jerry customer saves nearly $900 per year!
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