What's the longest you can finance a luxury car?
How long can your term be on a luxury car? I want to finance a Lexus, but I also want to get the lowest monthly payment. I've read that you can get a lower monthly payment by extending the length of your loan.
Answer provided by
Answered on Jul 13, 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.
“Lenders usually offer loans up to 84 months long, but don’t hop on board just yet.
Seven years is a long time to have a car loan and you’ll be upside-down (owing more money than the car is worth) for nearly the entirety of the loan.
As a general rule, 60 months is about as long as you want to take your car loan out. If you don’t like the monthly payment over 60 months, choose a cheaper car to lower your monthly payment.
Also keep in mind that insuring a luxury car can be quite expensive, so be sure to budget that into the monthly costs of owning your dream vehicle.”
Did this answer help you?
Ask us a question by email and we will respond within a few days.
Have a different question?
You can meet us at our office and discuss the details of your question.
Browse by topics
What others are asking
How does car refinancing work?
How does the car refinancing process work? I have a car that I bought three years ago when I had poor credit. Now that my credit score is much higher, I want to refinance my vehicle.
Jul 13, 2021
What is a Tier 1 credit score?
What is a Tier 1 credit score? I'm shopping for a car loan and I'm consistently seeing that the best rates are available for *Tier 1* credit scores.
Jul 13, 2021