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What's the most popular length of car loan?

I want to get a car loan, but I also want to find the sweet spot between interest and monthly payments. What's the most popular car loan length?

avatar
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
The most popular
car loan
length as of 2020 is 72 months with an overall average of 70.9 months. This is closely followed by an 84-month loan, then a 60-month loan.
2020 was the first year on record that the average car loan reached above 70 months, signifying Americans’ urge to lower monthly payments versus paying less interest. A longer car loan length also comes with some downsides, such as:
  • Going
    upside down
    on the car loan
  • Paying way more in interest
  • Taking out a larger loan than you can afford
  • Warranty running out before the loan is paid off
As a result of these disadvantages, you need to strongly consider if a longer loan is the best move for you. Keep in mind that you will also need to maintain full coverage car insurance for the duration of the loan, which can get mighty expensive.
If you decide to move ahead with any type of loan, don’t leave money on the table. Use the
Jerry
app and compare quotes from more than 50 top car insurance companies, including Nationwide, Allstate, and Travelers, in minutes for free. The average Jerry driver saves $879 a year on car insurance!
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