Longer car loans are becoming more popular among Americans. Currently, about 1% of people have a 96-month loan. While that may not seem like a ton of people lining up for it, it’s actually the highest number ever reported by lenders.

Whether or not a 96-month loan is a good idea is debatable. Essentially, it comes with both benefits and drawbacks.

Pros of a 96-month loan:

Cons of a 96-month loan:

Weighing both sides of a 96-month car loan is important, but if a low monthly payment is your ultimate goal, this loan length might fit the bill.

One other consideration is that your lender will require full coverage auto insurance for the life of the loan, which can get expensive for a car that’s five or six years old—or more. But you have an ally.

Jerry is a full-service car insurance broker that allows you to compare rates from numerous companies to get the best rate possible. If you’re going for a 96-month loan, Jerry can provide you with the savings and insurance you need.

MORE: Should you get a 72-month car loan?