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Is it possible to get a 10-year car loan?
I want to make my car loan payments as low as possible and I'm planning to keep the car for as long as the warranty is good, so about 10 years. Is there any way I can get a 10-year car loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Although rare in the lending industry, qualified candidates may be able to secure a 10-year (120-month)
car loan
with the right background. The main benefit of such a loan is that you’ll have the lowest monthly payments possible.However, this can come with some drawbacks, including:
- Paying more interest due to the term and higher interest rate
- Owning a car that’s worth very little 10 years from now
- Finding a lender to agree to the term
- Having full coverage car insurance on a car for 10 years
Despite the drawbacks, you may find that a 10-year car loan works for your budget and needs. Plus, you can always refinance or pay more toward the principal each month.
If you decide to go with a 10-year loan or a different term, you’ll need full coverage auto insurance either way. But that’s not problem with the
Jerry
app! We’ll get you personalized quotes from top insurers in seconds, so that all you need to do is choose the plan that works best for you.Best of luck with the loan—hoping that your rates stay low!
View full answer
- Gregory R.
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