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What's the most common car loan length?
I've seen plenty of options for the length of a car loan, but which is the most popular? Why?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Although a 60-month
car loan
was the most common length just years ago, it’s been eclipsed by a 72-month car loan as buyers try to find a comfortable balance between interest rates and lower monthly payments.Here are the pros and cons of a 72-month car loan:
Pros of 72-month loan
- More financial freedom or ability to save
- Lower monthly payments
Cons of 72-month loan
- More interest paid over the life of the loan
- Possibility of car fatigue, where you want a new car but still owe on the current one
That’s not to say you can’t get a loan for less than 72 months. In fact, you’ll pay far less in interest over the life of the loan, though your monthly payments will be a bit higher.
You will have to maintain full coverage auto insurance throughout the life of the loan. While this protects your car from damage, it can get expensive, especially over six years.
If you decide to get a 72-month loan, you can save money on car insurance by comparing quotes with
Jerry
. Sign up in minutes to compare quotes and skip the hassle of phone calls, spam, and other issues that may arise when shopping for car insurance.View full answer
- Gregory R.
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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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