Should I get a 48-month car loan?

I want to balance my monthly payments with a low interest rate. Is a 48-month car loan the way to go?

Answer
A 48-month loan is the optimal car loan length as recommended by personal finance experts. The reason that it’s so popular is that it has a great balance between monthly payments and interest paid over the life of the loan.
In many cases, a 48-month loan has the same or similar interest rate to a 36-month loan, making it even more attractive to potential buyers. Furthermore, a 48-month car loan minimizes depreciation, avoiding long periods when you’re upside down on the car loan.
Ultimately, the decision between low monthly payments vs. interest comes down to a personal preference, but a 48-month car loan is highly recommended.
When you get a 48-month car loan, note that you’re going to need full coverage auto insurance for the duration of the term, so budget accordingly. Use the number-one-rated car insurance app, Jerry to help you find the best deals. Jerry compares personalized rates from more than 50 top providers and delivers the best deals to your phone in minutes for free. The average Jerry driver saves $879 a year on car insurance!
Eric Schad
Answered on Nov 24, 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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