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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?
Lauren Smith · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
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.View full answer
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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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