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How do I get a 96-month car loan?
I'm thinking of buying a car and I want the lowest monthly payments possible. Can I get a 96-month car loan? Or does it max out at 84 months?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
The average
car loan
in the US now lasts longer than 70 months, partly because of the soaring popularity of 84- and 96-month loans. So yes, you can definitely get a 96-month car loan, but you should weigh the pros and cons first.Pros of a 96-month car loan | Cons of a 96-month car loan |
|---|---|
Lower monthly payments | |
Ability to buy a more expensive car | Car depreciation will hurt your finances more |
Higher interest rates | |
The potential to pay 1.5-2x more in interest over the life of the loan |
Most experts agree that 48 or 60 months is the optimal loan length, as this length minimizes your interest and depreciation. But ultimately, the decision is up to you.
If you decide to go with the 96-month loan, just apply as with any other loan: find the best lender, build your credit score, and show proof of income, residence, identity, and insurance.
Keep in mind that you’ll have to keep
full coverage insurance
on your car for the length of the loan. To find the best savings, check out the Jerry
app to compare dozens of competitive quotes from over 50 top insurers.View full answer
- Gregory R.
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