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?

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
  • Being upside down on the car loan for a prolonged period of time
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.
Eric Schad
Answered on Nov 05, 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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