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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?
Chloe Jenkins · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
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.
MORE: Does refinancing a car hurt your credit score?
View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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