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Should I get a 48-month car loan?
I want to balance my monthly payments with a low interest rate. Is a 48-month car loan the way to go?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
A 48-month loan is the optimal
car loan
length as recommended by personal finance experts. The reason that it’s so popular is that it has a great balance between monthly payments and interest paid over the life of the loan.In many cases, a 48-month loan has the same or similar interest rate to a 36-month loan, making it even more attractive to potential buyers. Furthermore, a 48-month car loan minimizes depreciation, avoiding long periods when you’re
upside down
on the car loan.Ultimately, the decision between low monthly payments vs. interest comes down to a personal preference, but a 48-month car loan is highly recommended.
When you get a 48-month car loan, note that you’re going to need full coverage auto insurance for the duration of the term, so budget accordingly. Use the number-one-rated car insurance app,
Jerry
to help you find the best deals. Jerry compares personalized rates from more than 50 top providers and delivers the best deals to your phone in minutes for free. The average Jerry driver saves $879 a year on car insurance!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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