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What are the different monthly lengths of car loans?
I want to get a car loan, but I'm not sure how long the terms typically are. What are the different lengths of car loans?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Car loans
vary in length, but it’s all dependent on your needs, credit, and financial situation. In general, car loans come in 12-month intervals, but you can always work out a different length with lenders.The most common lengths of car loans are:
- 12 months
- 24 months
- 36 months
- 48 months
- 60 months
- 72 months
- 84 months
Most buyers opt for the 48-month to 72-month range, but it’s not set in stone. The advantages of shorter-term car loans are lower interest rates, but they also come with higher monthly payments. Longer loans have the opposite effect.
Until recently, 84 months was the longest term you can get, but some lenders are now even offering loans up to 120 months. It’s rare, but it does happen. The most popular loans are now either 60 or 72 months, with the average in 2020 reaching an all-time high of 70.9 months.
The key is to find the right balance between monthly payments and interest rates and to shop around as much as possible.
You will also need full coverage car insurance for the duration of the loan, so that’s something to think about. With the
Jerry
app, you can compare quotes from dozens of car insurance providers so you’re always getting the right coverage at the best price.View full answer
- Gregory R.
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