What's the longest loan length on a used car?

I want to get a used car loan, but I want to make sure that I get the lowest monthly payments. What's the longest term you can get on a car loan?

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Answer provided by
Eric Schad
Answered on Jul 20, 2022
Having a monthly car payment you can afford is essential when purchasing a car. Although new car loans can go out as long as 84 or 96 months, the maximum used car loans is usually 72 months, or seven years. The reason that most lenders cap used car loans is to avoid depreciation on the car. Lenders also don’t want a car that’s older than 10 years or has more than 100,000 miles as collateral.
If you get a 72-month car loan, you should be aware of the upsides and downsides. A 72-month car loan provides lower monthly payments and more financial flexibility, but it also means you’re going to pay more in interest. You’ll likely be upside down on the car loan as well.
That said, if you decide to get a shorter loan term or end up with higher monthly payments, you always have the option to refinance.
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.

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