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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?

avatar
Lauren Smith · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
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.
MORE:
How to reduce car payments without refinancing your car loan
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