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How long do I have to pay off a car loan?
I’m graduating from business school this winter and already have a job lined up in a new city, but I need to purchase a car to commute to work every day. I’ve owned a few cars before, but I always paid for them in cash and never had to take out a car loan. Thanks to student loans, I understand how they work, but how long do you typically have to pay off a car loan?
Jack Walsh · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congratulations; graduating from business school is a major accomplishment, and you should feel proud!
When it comes to
car loans
, you have the length of the term to pay off the loan, and you’ll be required to make monthly payments through the end of the loan. When you apply for a loan, you indicate how long you’d like repayment to take; the standard is 60 to 84 months. Keep in mind that loans with shorter terms tend to have lower interest rates. You’ll pay less in interest over time, but your monthly payments will be higher. Additionally, having a shorter term means you’re less likely to have an
upside-down car loan
(where you owe more than the vehicle is worth). When applying for your car loan, you can avoid overpaying by shopping around and comparing offers from multiple lenders to find the best agreement. Additionally, when applying, you should have the following nearby:
- Proof of identity and residence
- Proof of income and employment
- Information about the vehicle you plan to purchase
Similar to finding the best loan agreement, when you’re ready to purchase a
car insurance
policy, you should compare quotes from multiple companies to find the best rate for your car insurance. Lenders will require you to carry full coverage car insurance on your financed vehicle. If you’d rather leave the hard work of gathering quotes to someone else, use
Jerry
. The Jerry app can collect quotes from more than 50 top insurance companies, like Travelers, Nationwide, and Progressive, in seconds, and if you ever have any questions, agents are just a text away. View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
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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