How long are used car loans usually?

I told my coworker my car loan length, and they told me it was too long. I didn't realize that was possible. How long are used car loans usually?

Answer
Over the years, term lengths have gotten longer and longer, so there is a chance that is why your coworker told you your used car loan is too long. Term lengths are discussed in months instead of years, making it easy to agree to a number without realizing what it means.
Whether a person is purchasing a new or used vehicle, car loans are usually 72 months. That’s six years.
Despite the popularity, this loan length is not recommended by many financial experts. That’s because cars depreciate quickly. Paying off your loan so slowly puts you at risk of owing more on your car than it’s worth.
Not to mention, a lot can happen in a person’s life in that amount of time. You might lose a job, incur some other hefty expense, no longer need the car… the possibilities are endless.
The good news is if you want to get out of a lengthy car loan or find a loan with a better interest rate, you likely can by refinancing.
Jerry is an app that does all of the work needed to refinance your car for you. Jerry uses your current loan information and credit score to find competitive rates from top lenders. On average, people pay $85 less every month on their car loans after refinancing.
Lauren Smith
Answered on Nov 19, 2021
Lauren has written for World Nomads, the Matador Network, Korvia Consulting, and once upon a time Three Fates Games. She graduated from Columbia College of Chicago with a BFA in Creative Writing. After graduating, she moved overseas and lived in South Korea where she spent her free time traveling and going on road trips with friends. She misses the rest stop potatoes and is trying to figure out how to recreate them at home. She's now based outside of Chicago and when she's not writing she spends her free time reading, playing video games, and exploring whenever she can.
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