Is a 60-month car loan a good idea?

I want to get a 60-month car loan, but my dad says that that's far too long of a term. Is he right?

Great question! A 60-month car loan is a pretty good option if you don’t think you’ll be able to afford the monthly payments on a 36- or 48-month loan. You will pay a higher interest rate with a 60-month car loan, but your monthly payments will also be lower.
Most experts advise that you don’t take out a car loan for more than 60 months.
To get the best rates, make sure to shop around with:
  • Credit unions
  • Banks
  • Dealers
  • Online lenders
And because you’re getting a loan, you’ll also need full coverage car insurance.
That’s where Jerry can help. Sign up using the Jerry app to compare quotes from dozens of car insurance companies in under a minute. With just a bit of research, you can save money on both your car loan and your car insurance.
Eric Schad
Answered on Nov 03, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.

Did this answer help you?

Ask us a question by email and we will respond within a few days.

Have a different question?

You can meet us at our office and discuss the details of your question.
Let Jerry’s experts help you find savings on your car insurance!
No long forms or spam · Get quotes from 40+ carriers
Find insurance savings (100% Free)
rating primary
4.7/5 Rating on App Store

Easiest way to compare and buy car insurance

No long forms
No spam or unwanted phone calls
Quotes from top insurance companies
Find insurance savings — it's 100% free