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 provided by
Eric Schad
Answered on May 05, 2021
“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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