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How long is the average used car loan?
I’m thinking of getting a car loan for a used car. I want to make sure I get the best terms as I’ve heard too long of a loan term can negatively impact you. How long is the average used car loan?
Chloe Jenkins · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
It’s smart to ask these questions ahead of time! Often, people don’t think of these things until after they’ve signed their loan agreement when it’s too late to change anything.
For a used
car loan
, the average loan length is about 65 months - or five years and five months. Although 65 is the average, the most common loan term for both new and used cars is a 72 month loan
—or six years.Lots of drivers choose the 72 month route for lower monthly payments. However, longer loans generally mean paying more in interest over the life of the loan. So when you go to pick out your car, consider which factors matter most to you.
Even if you don’t love some parts of your loan agreement, you typically have the option to
refinance
. Refinancing your loan can save you hundreds of dollars by typically reducing your monthly payments and lowering your interest rate. In the future, consider using the
Jerry
app to explore your refinancing options. Jerry uses your current loan information and credit score to find competitive rates from top lenders, ensuring you’re always getting the best rate. 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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