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How many years should I finance a car for?

I'm going to get a new car, which means taking out a loan. I have good credit, so I know I've got a little bit more leeway with my options. How many years should I finance my car for?

avatar
Lauren Smith · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congratulations on your new car! When it comes to financing your car or getting a
car loan
, to save the most money you want to:
The average term length for a car loan is 72 months; this is about six years. Due to depreciation and interest, you will likely end up owing more on the car than it’s actually worth. However, if you can afford the loan agreement to have a five-year or 60-month loan, this can save you money in the long run.
Whenever you get a new car, it’s important to take another look at your insurance. Comparing multiple policies is the best way to ensure you’re getting the best deal. You can do this easily with the
Jerry
 app. Jerry compares personalized quotes from the top 50 companies. The average Jerry driver saves $879 a year on car insurance!
MORE:
How to reduce car payments without refinancing your car loan
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