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What are the pros and cons of a 72-month car loan?
A local dealership is offering a promotional rate on a 72-month car loan, but I'm apprehensive. What are the pros and cons of a loan this long?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
If you can get the right rate on a 72-month
car loan
, it might actually work in your favor. While most personal finance experts say that a 60-month loan should be the max, you can still get some benefits from a 72-month option, including:- Lower monthly payments
- More financial flexibility due to these lower payments
However, a 72-month loan also has some drawbacks:
- Paying more interest over the life of the loan
- Higher interest rate
- Purchasing more car than you can afford
- Going upside down on a car loan
Again, if the promo rate is right, you may actually find that it’s a savvy move to go with the 72-month loan. You can always refinance or pay more money to the principal each month if your financial situation changes.
Whether or not you get a 72-month loan, you still need full coverage auto insurance per the stipulations of your loan. If you want to get the best deal on the coverage you need, check out the
Jerry
app—we’ll get you dozens of customized quotes from top-of-the-line providers, so that all you need to do is choose the one that works best for you!Best of luck with your loan—you’ve got this!
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- Gregory R.
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