Is a 48-month car loan too long or too short?
Is a 48 or 60-month loan ok or should I go with a 36-month loan? I am looking over my car loan options. While I did qualify for a good interest rate, the payments at 36 and 48-months still seem a bit high.
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Answered on Jul 07, 2021
Johnny Puckett is a freelance writer and automotive expert. He has contributed content to a number of some of the largest online publications, aftermarket automotive manufacturers’ sites, and automotive informational sites. His experience in the automotive and information fields informs his writing at Jerry. His automotive interests bleed into his free time, where he enjoys modifying his favorite cars and woodworking.
“If you can afford it, go with 36-months. If not you could go with a longer loan, but know that you will likely pay more for the car than what it is worth.
If you do go with a 48 or 60-month loan, you should pay extra whenever you can. This will help you pay off the loan early which will save you money in the long run.
Avoid a 72-month car loan at all costs if you can.
Another way to save money is to pay as large of a down payment as possible.”
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