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How long are new car loans?
I’m looking to get a new Lexus. I know I’ll need to get a car loan for the model that I want. I don’t know that I want to be locked into anything for more than five years though. How long are car loans for new cars?
Chloe Jenkins · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
On average, the term length for a new
car loan
is about 69 months - or five years and nine months. However, the length of your loan term will vary depending on:- Your down payment
- Your budget
- Your credit score
- The cost of the car plus sales tax
If you want a new vehicle but don’t want a longer loan term, leasing might be the best option for you.
Leases
typically last two to four years and have smaller monthly payments than if you were to get a car loan on the same vehicle. Of course, you have to return the vehicle at the end of the lease, but at that point, you can go and lease the next best thing.If leasing sounds like the better option, ensure that the car is properly insured. By shopping for car insurance with the
Jerry
app, you can get the best coverage out there at the lowest prices. The average Jerry driver saves $879 a year on car insurance without ever having to sacrifice fantastic coverage and customer service!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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