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Can I get a 72-month car loan for a Lexus?
I've had my eye on a 2021 Lexus ES, but I want to make my monthly payments as low as possible. Can I get a 72-month loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Yes, it is very likely that you can get a 7-year
car loan
for a Lexus but it may not be the best option. Longer loans have lower monthly payments, but you end up paying more interest over the course of the loan. If you can opt for a higher monthly payment without financial strain,
choose a loan term under 60 months
. That way, you’ll end up paying less for your Lexus in the long run. Here are some potential drawbacks of getting a longer-term loan:
- You’re more likely to end up upside down: If you take out a long loan, you’re more likely to end up owing more than your car is worth (aka, being in an upside-down loan). The value of new cars depreciate quickly, so it’s not uncommon for borrowers to spend some time upside down on their loan.
- And have negative equity: If you end up having to trade the car before the loan is paid off, you might have to deal with negative equity. You might even end up owing your lender moneyif your car is totaled.
- And be subjected to interest rate increases: The longer you’re paying interest on a vehicle, the more likely you are to experience an interest rate increase.
Regardless of which loan term you choose, make sure you get your new ride the best car insurance for the most affordable price. Use the
Jerry
app to compare quotes from dozens of insurers. The best part? The average driver saves $879 on insurance a year! View full answer
- Gregory R.
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