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Do lenders offer 60-month loans for used cars?
I want to save money by buying a certified pre-owned vehicle, but I also want low monthly payments. Will lenders offer 60-month loans for used cars?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Certified pre-owned vehicles and used cars are amazing ways to save some cash compared to a new car, so good for you for finding one!
Lenders often extend a term to a 60-month
car loan
on a used car, and there are some pros and cons to this.On the one hand, 60-month loans are longer, so your monthly payments will be lower. You can also refinance your car in the future, should your circumstances change. On the other hand, your interest rates will be higher and cars tend to depreciate overtime, so your remaining payments may be more than the car’s value.
If you get approved for the loan, don’t forget to budget for car insurance. Use the
Jerry
app to compare rates from dozens of car insurance providers so you always get the best rate possible. Average Jerry users save $879 per year on car insurance. More: 7 things to look for when buying a used car
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- Gregory R.
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