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What's the shortest car loan you can get?
I want to pay the least amount of interest on my car loan, and I'm not worried about monthly payment prices. What's the shortest loan I can get?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
If money is no obstacle on the monthly payment for your
car loan
, you should be able to save tons of interest by shortening the length of the loan.While 12-month loans are possible, most lenders try to make more on interest by offering a minimum 24-month loan. Before you sign the dotted line, consider that a 36-month loan or a 48-month loan may only have slightly higher interest rates than the 24-month option.
So why would you go with a longer-term if you want to save money? Longer-term loans often offer the most flexibility in the face of an emergency or if you need more cash flow for a purchase. You could choose a longer-term and just pay more toward the principal each month. If something happens, your monthly loan payment is lower than the 24-month payment, and you can have more capital in the process.
The choice is entirely up to you. But one thing you shouldn’t skimp on is your car insurance. Since your lender will require full coverage car insurance, you should use the
Jerry
app to compare quotes from up to 50 insurers. Sign up in just minutes to save even more money on your car. View full answer
- Gregory R.
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