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Should I do a 60-month or 72-month car loan?
I'm currently choosing between getting a 60-month car loan and a 72-month car loan. What are the pros and cons of each?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Great question! The type of loan that’s best for you depends on your needs. However, it’s worth keeping in mind that a 60-month
car loan
will save you more money in the long run.The benefits of 60-month loans are that they have lower interest rates, meaning that you’ll pay less in interest over the life of the loan. However, you will have higher interest payments as a result of the shorter timeframe.
Conversely, a
72-month loan
provides lower monthly payments, but you’ll also pay more interest over the life of the loan.On top of this, you also should think about how long you expect to have this car. Will you get a new one after three years? Six years? Or are you the type of person that drives a car until the wheels fall off? Knowing the answer to this question will guide you to the right loan term for you.
When you get a car loan, you should also shop around for car insurance, since your lender will likely require you to have full coverage. To find the best rate for full coverage, check out the
Jerry
app! We’ll get you personalized quotes from top-of-the-line providers, so that all you need to do is pick the plan that works best for you. And once you pick one, we’ll even help you switch!Happy shopping, and good luck with the loan!
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- Gregory R.
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