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Can you get a 7-year car loan?
I’m shopping for a new car and I think I found the perfect one, only it’s way out of my league financially. If I can get a longer loan, like seven years, I could get this car no problem. Can you get a seven-year car loan?
Chloe Jenkins · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
A seven-year (or 84-month)
car loan
is a possibility, but with one, you will end up paying more in interest and you run the risk of owing more than your car is worth.That being said, a seven-year car loan may be helpful if you need a smaller monthly payment, but that is only feasible if you choose a car that you can afford from the get-go.
Alternatives to longer loan term include:
- Leasing a car
- Selecting an affordable used car
- Saving up for a larger down payment
If you need some help saving money, the
Jerry
app is for you. So many drivers in the United States are severely overpaying on their car insurance premiums—and a lot of them don’t even have the coverage they need.Sign up on the Jerry app in just 45 seconds and get
free quotes
from more than 50 of the nation’s top companies. Pick a policy that works best for you and your budget, and Jerry will even help cancel your old policy once you’ve made your pick. The best part is drivers who use Jerry save an average of $879 a year on car insurance!View full answer
- Gregory R.
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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.
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