What's the longest car loan term?

I’m in the market for a new car, but I want to keep my monthly payment as low as possible. What’s the longest car loan term I can get?

Answer
A longer loan term can offer several advantages to some borrowers, so considering one isn’t a terrible idea. In most cases, the longest car loan term offered by lenders is 84 months. However, some lenders are moving to 96 months.
Before you sign on the dotted line for an 84- or 96-month loan, make sure to weigh the pros and cons: Pros
  • Lower monthly payments
  • More financial flexibility
Cons
  • Going upside down on the car loan for longer
  • Warranty can run out while you still owe on the car
  • More interest paid over the life of the loan
By comparing the drawbacks and advantages of a long-term car loan, you can make the right choice. If you decide to move ahead with an 84-month loan (or any other term), the lender will require you to carry full coverage car insurance.
That’s when Jerry can help. Jerry is an app that ensures you aren’t overpaying for car insurance. Sign up on the Jerry app today to compare quotes from over 50 car insurance companies. Choose the policy and price that best suits your needs, and Jerry will help you buy new insurance and break up with your old provider.
Eric Schad
Answered on Nov 09, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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