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What are the advantages and disadvantages of a 72-month car loan?
I've read that 72-month car loans are becoming more popular. The more research I do, the more I like the lower monthly payments that come with them. Are there any advantages or disadvantages to 72-month loans?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
In the past year, 72-month
car loans
have become the most popular loan length for American car buyers. This term comes with both pros and cons.Pros include:
- Lower monthly payments
- Greater financial flexibility
Cons include:
- More interest paid over the life of the loan
- Your car warranty may run out before you settle the loan
- You may want a new car before you pay off the old loan
Just remember that in most car loans, lenders will require you to purchase
full-coverage insurance
. Use Jerry
to compare quotes from up to 50 top insurers and find the best rates to keep your car protected for all 72 months.View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
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