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Should I get a 72-month car loan if I can pay it off early?
"I'm getting an early inheritance from my parents in about eight months. Right now, I can only afford a 72-month car loan with lower monthly payments.
Should I get this loan if I can pay the vehicle off early?"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“This is entirely a matter of preference. Do you need the car now? If not, why not wait until you get your inheritance?
If it’s to build credit, this might be a decent decision provided you’re 100% sure you’re getting the inheritance.
Keep in mind that the monthly payments might be lower, but you’ll pay more interest over the life of the loan. But if you have the loan for less than a year, this amount of interest should be negligible.”
View full answer
- Gregory R.
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