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?

Answer
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.
Eric Schad
Answered on Oct 21, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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