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What are the different options for the length of a car loan?

I want to get a car loan, but I'm not sure what length or term to choose. What are the different options? Which one should I choose?

avatar
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
That’s a great question. You have several
car loan
 term lengths to suit your needs, but these are the most common:
  • 24 months
  • 36 months
  • 48 months
  • 60 months
  • 72 months
  • 84 months
However, lenders can negotiate other loan lengths, going as short as 12 months and as long as 120 months.
The right loan term for you is highly dependent on your needs. The shorter the term, the lower the interest rate and the less you’ll pay in interest over the life of the loan. The trade-off is that your loan payments are higher each month.
Longer-term loans have higher interest rates that mean you’ll pay more over the life of the loan, but your monthly payments are lower.
Regardless of which term you choose, your lender will still require you to have full coverage auto insurance. The best way to get the best deal on full coverage is to shop around with the
Jerry
 app—we’ll get you competitive quotes from top providers in seconds, so that all you need to do is choose the plan that works best for you.
Best of luck with the car loan!
MORE:
How to get out of an upside-down car loan
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