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How long should my car loan be?
Is it better to get a longer loan and save on the monthly car payment? While going over financing options I was given the choice between 48, 60, and 72 months. The payments are less the longer I go, but the total amount that I will pay for the car increases with the longer loan.
Johnny Puckett · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“If you can afford the monthly payments, it would be best to go for the shortest loan available. A
72-month loan
can cost you far more in interest in the long run than the car is worth. If you can’t afford the monthly payments of a shorter loan, go for a longer loan and pay extra each month. The longer loan will give you a little bit of leeway for those tight months and paying the loan off early will save you money in the end.
Another option is to pay as large of a
down payment
you can afford to help lessen the overall loan balance.” View full answer
- Gregory R.
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