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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.
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“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.”
View full answer
- Gregory R.
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