Should I take out a 72-month loan for a Hyundai Accent if it's the only way I can afford it?

I want to purchase a new Hyundai Accent, but I can only afford it if I take out a 72-month loan. My dad advises against anything more than a 60-month loan. Should I take out this 72-month loan anyway?

Answer
“In this case, your father is probably right. A Hyundai Accent isn’t a highly acclaimed vehicle, and it can depreciate quickly.
In addition, a 72-month loan means you’ll pay tons in interest for a car that won’t be worth much after it’s paid off.
Furthermore, did you factor in car insurance costs? When you finance a vehicle, you must have full coverage, which could cost hundreds a month.
Your best bet is to save up some money for a larger down payment, which will help you shorten the loan. And in any case, 60 months is about the maximum term you’ll ever want to consider for a car loan.”
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Eric Schad
Answered on May 05, 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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