Should I take a 72-month loan over a 60-month loan for a Buick if the payments are lower?

"I'm financing an Enclave through the dealer, and they're offering a lower monthly payment if I extend my loan to 72 months instead of 60. Should I take the deal?"

“The longer the loan, the less you’ll pay each month. Conversely, the the shorter the loan, the better it is for your finances as you’ll pay less in interest over the life of the loan.
If you really need that Buick Enclave but you can only afford it with a 72-month loan, sure, you can take the deal. But keep a watchful eye on that interest rate. You might be paying less per month, but your interest might be much higher.
You should also really consider if you want a 72-month loan. At the end of the loan, your car will have depreciated greatly.”
Eric Schad
Answered on Jul 23, 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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