What is the longest car loan you can get?

I’m looking to get a car loan so I can buy a car, but I want to make low monthly payments on it. What is the longest car loan you can get?

The longest average car loan that most reputable lenders will allow is no longer than 84 months, or seven years. Having a loan of this length can come with a few drawbacks that you may want to consider, such as:
  • Cost of repairs
  • Longer commitment
  • Depreciation
  • Higher interest rates
With a loan length of 84 months, you’re likely to have to need some repairs within that time. Odds are that your car’s warranty won’t last that long, which means you will need to pay for repairs while you’re still making payments.
Seven years is a long time to have one car. Your needs are likely to change and your current car may not cut it anymore. Making payments on a car for that long is almost like a binding financial agreement to drive that car for at least seven years.
As those seven years tick by, your car is losing value with every minute that passes. Despite the value going down, your payments remain the same. This means that you’ll be upside down on the loan, owing more on it than the vehicle is worth.
You might have higher interest rates on the loan, meaning you’re paying a lot of interest over the life of the loan. Fortunately, you can get a lower car loan APR through refinancing (and you can shorten the loan term).
If an 84-month loan is your best option right now and you need a car despite the potential drawbacks of the longer loan term, sign for it. As your financial situation improves, you can look at refinancing. Jerry can help. Jerry is a great resource for comparing loan options from multiple lenders. Use our refinance calculator and avoid the hassle of searching for lenders yourself. Jerry makes it easy by finding the best lenders at the best rates. On average, car owners pay $85 less every month by refinancing their auto loan.
Michael Miserendino
Answered on Dec 03, 2021

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