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What's the most common length of car loan?
I'm curious how long most car loans are. I want to get a 72-month loan, but my dad thinks that's far too long. So what's the most common length?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
While your dad isn’t wrong about the historical length of
car loans
, today most loans tend to be on the longer side, with over 70% of new car loans being 72 months (six years) or longer.If you take out a 72-month loan, you’re choosing one of the most common loan lengths. People may choose 72-month loans because they offer a balance of relatively low monthly payments and a decent (but still relatively high) interest rate.
However, there are some notable drawbacks to choosing a 72-month loan, including:
- More interest paid over the life of long loans
- Your car’s warranty may expire before your loan ends, potentially leaving you to cover the cost of car repairs on top of making monthly payments
- Car fatigue, a situation where you want a new car but still have a loan on the old one
When you agree to a loan, your lender will require you to purchase full-coverage car insurance. The good news is you don’t have to pay a fortune for good coverage—just use
Jerry
to compare quotes and find the best deals! 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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