Should I get a 72-month car loan if I can pay it off early?
"I'm getting an early inheritance from my parents in about eight months. Right now, I can only afford a 72-month car loan with lower monthly payments.
Should I get this loan if I can pay the vehicle off early?"
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Answered on Jun 16, 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.
“This is entirely a matter of preference. Do you need the car now? If not, why not wait until you get your inheritance?
If it’s to build credit, this might be a decent decision provided you’re 100% sure you’re getting the inheritance.
Keep in mind that the monthly payments might be lower, but you’ll pay more interest over the life of the loan. But if you have the loan for less than a year, this amount of interest should be negligible.”
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