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?

Answer
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.
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