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Is a 60-month car loan too long of a loan?
"Is a 60-month car loan too long? I want to finance a car, but I can only afford it if I extend the payments out for 60 months."
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Most personal finance experts will tell you that 60 months is the maximum you want to go on a car loan. Any longer than that, and you may as well look up articles on
how to get out of an upside down car loan
, because you won’t break-even until the very end.Plus, you’ll have to deal with a massively depreciating asset after 60 months and you won’t get much of a return when you sell the vehicle. If you really need the car, don’t go any longer than 60 months.
View full answer
- Gregory R.
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