Can you get a car loan for 10 years?
I have my eye on a Ford Mustang. I’ve always driven cars until they die, so I’m not worried about getting a long-term car loan. Low monthly payments are also high on my priority list. Do lenders offer a 10-year car loan?
While 72- and 84-month car loans are becoming more popular, you may struggle to find a 10-year loan (120 months). However, some lenders offer a 120-month to qualified buyers.
Even if you have the intention of driving the car until it dies, 10 years is a long time to own a car. Accidents can happen or the car may die, leaving you holding the bag. So while you’re getting low monthly payments, a 10-year loan also has some drawbacks:
- You’re upside down on the car loan for a lengthy time.
- Your car will outlive the warranty, leaving you on the hook for any repairs.
- Your interest rate will be much higher, and you’ll pay more interest over the life of the loan.
- Your lender will require you to have full coverage car insurance, regardless of how many miles you have on the car or the actual cash value of the vehicle.
Whether you decide to get a 72-month loan or a 10-year loan, just make sure to compare quotes through the Jerry app to get the best rates possible.
As a licensed broker, Jerry can help you find and compare quotes from more than 50 top-rated providers, including Nationwide, Allstate, and Travelers. When you find a stellar rate, Jerry can help you buy your new coverage, taking the hassle out of buying car insurance.
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