Can you get a 120-month car loan?

Do lenders offer a 120-month car loan? I want to get my monthly car loan payments as low as they can possibly go. I've seen 84 months online and heard that 96 months might be possible.

Answer provided by
Eric Schad
Answered on Jul 13, 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.
“Some lenders have begun to offer 120-month loans, but this isn’t all that common. If you shop around, you might be able to find one with a credit union or bank.
But the real question is why would you want to?
If you take a car loan out 120 months, it’s going to be nearly worthless by the time you pay it off. Add in all of the loan interest and this is probably a poor investment.
The best advice is to get a car that’s valued at half of what you were planning on spending and then getting a 60-month loan.
This will ensure that you don’t overpay on interest, stretch your finances too thin, or fall victim to depreciation.”

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