I want to get a car loan and my friend told me 48 months was the best length. But after looking at loan rates and payments, a longer loan would work better for me. Can you get a 7-year car loan?
. Also known as an 84-month car loan, this length has become more popular in recent years with just over 18% of American borrowers getting an 84-month car loan.
An 84-month car loan can offer lower payments and greater financial flexibility due to the lower payments, but you also have to remain vigilant about the downsides of such a loan, which include:
Paying significantly more interest
Paying far more than the car is worth or owe more than the car is worth, which is known as being
Your warranty possibly running out on a car that you still owe on, meaning you have to pay for every repair out of pocket
Car fatigue, which is when you get tired of your car and want a new one
Keeping full coverage car insurance on a car for seven years
The choice is up to you. So if you plan on moving ahead with an 84-month car loan, make sure that you at least save money on your full coverage car insurance. Download the highly-rated
app to easily compare customized rates on full coverage from over 50 insurers to get the best price—and once you pick a plan, we’ll even help you switch.
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.