Can you get a 72-month car loan?

I’m looking at car loans, and I’m trying to figure out how long of a car loan I should get. Can I get a 72-month car loan?

It is possible to get a 72-month car loan, although experts generally recommend that you avoid car loans over 60 months (five years).
There are several reasons why a 72-month car loan may not be worth it. Here are a few disadvantages:
  • Higher chance of ending upside down or underwater on your loan, which happens when you owe more on your loan than the car is worth
  • Higher interest rates
  • Costly repairs (your warranty is bound to expire before your loan is paid back)
If you are set on getting a 72-month car loan, here are some tips:
  • Try to get the lowest possible APR so you’re not overpaying in interest.
  • Try to pay 20% of your loan as a down payment at the start.
  • When things get better or the opportunity arises, try to refinance for more favorable terms.
Most lenders will require you to purchase full coverage insurance in order to take out a loan. To make sure you’re getting the best rate on this coverage, use the Jerry app to compare quotes and easily switch over when you find the best rate. The average Jerry user saves $879 per year on car insurance.
Lauren Smith
Answered on Nov 16, 2021
Lauren has written for World Nomads, the Matador Network, Korvia Consulting, and once upon a time Three Fates Games. She graduated from Columbia College of Chicago with a BFA in Creative Writing. After graduating, she moved overseas and lived in South Korea where she spent her free time traveling and going on road trips with friends. She misses the rest stop potatoes and is trying to figure out how to recreate them at home. She's now based outside of Chicago and when she's not writing she spends her free time reading, playing video games, and exploring whenever she can.

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