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?
“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.”
Did this answer help you?
Ask us a question by email and we will respond within a few days.
Have a different question?
You can meet us at our office and discuss the details of your question.
Read advice from car experts at Jerry
Browse by topics
What others are asking
What does non deductible mean for glass coverage?
"I'm adding comprehensive to my insurance policy. I have an option for non-deductible glass coverage. What does this mean?"
Jul 28, 2021
If my friend is giving me her Ford Escape, can I keep it without driving it and not pay insurance?
"I'm interested in the car, but I can't afford to pay insurance right now. Can I keep the vehicle registered under my name and wait until I can afford the extra cost? I live in Texas."
Jul 27, 2021
Can I drive my friend's handicap-equipped vehicle without insurance if I live in California?
My friend is physically disabled and uses a wheelchair. His parents asked me if I could take him to an appointment. I'm worried that because I'm not insured, I'll be liable if an accident occurs. Can I drive another person's car without insurance if I live in California?
Apr 16, 2021