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Should I extend my car loan from 48 months to 72 months?
"Is it a smart move to extend your car loan from 48 months to 72 months? I want to lower my car payment, and the best way I could figure out to do so is to extend my car loan."
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“A smart financial move is often figuring out how to limit debt and interest payments.
In your case, extending your car loan from 48 months to
72 months
will surely lower your monthly payment, but it will also increase your interest rate and the amount of interest you pay over the life of the loan.As a general rule, you should never extend your loans if you can avoid it, as this accrues more interest.
But if you lost your job or can’t afford the monthly payment at its current rate, extending your loan may not be a terrible idea. Plus, you can always refinance to a shorter term down the road.”
View full answer
- Gregory R.
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