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What's the longest length you can extend a car loan?
I want to save up some money for a down payment for a house, so I was thinking of extending my car loan. How long can I extend my car loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
There’s no limit to how far you can extend a
car loan
. It’s just up to the discretion of the lender.If you want to extend your car loan to save money for a mortgage down payment, you should start by shopping around for
car refinancing
. Depending on how old your car currently is, you can extend your loan as much as 84 months. However, if you’ve already had your car loan for a few years, you probably won’t be able to extend it out that long.While you’ll get lower payments, remember that you should weigh these lower payments against how much interest you’ll pay over the life of the loan, as well as how much money you will spend from the lender requiring full coverage car insurance throughout the duration of the car loan.
If you decide to go ahead with the refinancing, make sure you check out
Jerry
. Jerry is a great resource for comparing loan options from multiple lenders. Use our refinance calculator and avoid the hassle of searching for lenders yourself. Jerry makes it easy by finding the best lenders at the best rates. On average, car owners pay $85 less every month by refinancing their auto loan.View full answer
- Gregory R.
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