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What is the longest term for a new car loan?
I want to buy a car, but I don’t think I can feasibly pay it off within a normal loan timeline. (My job isn’t the greatest, and I have bills to stay on top of). I’m curious about what is the longest term for a new car loan so I can see if it’s a good idea for me.
Michael Miserendino · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
It’s good you are prioritizing your expenses properly. The longest time most lenders will offer is 84 months or seven years.
While opting for a loan of this length will lower your monthly payment on the surface, you will want to consider some of the drawbacks of a longer loan, like:
- Amount of interest you will pay
- Depreciation
- Vehicle repairs
A longer loan means more interest paid over the life of the loan. While you can’t stop time from passing and your car from aging, you can adjust your interest rate through refinancing. Refinancing your auto loan is a great way to lower your car payments.
Finding the right lender can be stressful and time-consuming.
Jerry
makes it simple–download the app and compare top lenders. No matter what your credit score is, Jerry makes refinancing your car easy by comparing quotes from multiple lenders to find a rate that works best for you. On average, car owners pay $85 less every month by refinancing their auto loan.For many people struggling with finances, they should consider consulting a
financial advisor to bounce questions off of
as they may be able to explain if a long-term loan is right for you. Good luck!
MORE: How to refinance a car loan in six easy steps
View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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