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:
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.