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Is a 60-month car loan bad?
I’m shopping around for a car loan and I want to balance a decent interest rate with low monthly payments. I’ve read that 48 months is the optimal car loan length, but the 60-month option seems to fit my budget a bit better. Is there anything wrong with getting a 60-month car loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Until the past two or three years, 60-month
car loans
were the most popular among consumers. However, many buyers are pushing out the loan to 72 or 84 months due to super low interest rates. With that said, a 60-month car loan isn’t bad if it fits your budget and financial goals.You should weigh the pros and cons of a 60-month car loan before you sign the contract.
Pros of a 60-month car loan:
- Lower monthly payments compared to the 48-month car loan you mentioned
Cons of a 60-month car loan:
- A comparatively higher interest rate and more interest paid compared to a 48-month loan
Even with these pros and cons, don’t look at a 60-month car loan as bad. If it fits your budget, it’s a much better option than a 72- or 84-month loan.
Keep in mind that your lender will require full coverage car insurance for the duration of the loan. Plan and budget accordingly by comparing car insurance rates on the Jerry app. As a licensed broker,
Jerry
helps you find and compare quotes from over 50 top providers in minutes. When you find a better rate, Jerry can help you buy your new coverage and even cancel your old policy!View full answer
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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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