Generally a loan will be based on a 36 or 48 month term, depending on the age and mileage of the vehicle and your individual affordability. The best thing is that there are no penalties should you wish to repay your loan earlier than what is specified in your contract. If you have extra money some weeks and wish to pay this against your car, this will be the best way to reduce the term of your loan or take a payment holiday should you need one over holiday periods like Christmas.