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What is the longest car loan you can have?
I want to get a car loan, but I want to have the lowest monthly payments possible. What is the longest car loan that lenders offer?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Longer
car loans
provide lower monthly payments at the expense of a higher interest rate. In most cases, the longest loan you can get is 84 months, although some lenders now offer 96-, 108-, or 120-month loans.But before you sign on the dotted line, consider both the pros and cons of an 84-month or longer loan:
PROS
- Lower monthly payments
- The ability to pay off other higher-interest debt
- More financial flexibility
CONS
- More interest paid over the life of the loan
- A higher interest rate
- The chance for car fatigue, or wanting a new car before paying off the old one
- Being upside down on your car loan for a longer duration
- Paying for full coverage car insurance on a car that’s seven or eight years old
If you decide to pull the trigger on an 84-month loan or a longer term, just make sure to save on your car insurance in the meantime with the Jerry app.
As a licensed broker,
Jerry
can help you find and compare quotes from over 50 top providers in minutes. When you find a better rate, Jerry can help you buy your new coverage and even cancel your old policy!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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