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How long do most car loans last?
I want to get a car loan, but I want to get the right balance between low-interest rates and low monthly payments. What term do most people choose to strike the right balance?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
It’s always good to consider the length of a car loan before you buy it to balance your interest rate and your monthly payment.
Most
car loans
last 72 months, as this loan term eclipsed the 60-month loan as the most popular choice in 2020. The reason that most people go with a 72-month loan is due to a mix of financial flexibility, record-low interest rates, and low monthly payments. With low monthly payments, you also have more financial flexibility to pay for other bills or save some money in an emergency fund.However, a 72-month loan also comes with some drawbacks, such as:
- More interest paid over the life of the loan
- Being upside down on the car loan for longer
- Your warranty may end before you pay off the loan
- Buying a car that’s more than you can afford
Regardless of which car loan term you choose, you’ll need to have full coverage auto insurance.
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can help you find the best rates. Sign up with Jerry today to search and compare quotes from up to 50 top insurance providers.View full answer
- Gregory R.
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