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."

Answer
“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.
If buying a car seems unattainable right now, consider leasing a vehicle instead.”
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Eric Schad
Answered on Jul 28, 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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