How long are car loans typically?

I really need a new car, but I’m strapped for cash. I heard that car loans are a good way to get the money to buy a car. How long are car loans typically?

Answer
Car loans can definitely help you get a car if you’re low on cash. Car loans vary in length but are typically three to seven years or 36 to 84 months.
Loans with longer terms, such as 72 months, may have lower monthly payments, but can ultimately lead to you paying more over the life of the loan or even going upside-down. Loans go upside-down when the amount you owe is more than the vehicle is worth.
To determine the loan terms available to you, you’ll want to look at several lenders. Based on your eligibility, they’ll be able to give you an idea of your interest rate and loan term.
Even if you don’t have the best interest rate or loan terms, you have the option of refinancing in the future with the Jerry app.
You can compare quotes from multiple lenders without worrying about your credit history. Jerry’s app instantly connects you with top companies to find a loan that best meets your financial needs.
Chloe Jenkins
Answered on Nov 24, 2021
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