The loan term (the period of time allowed for you to repay your loan in full) can vary from 12 months to 10 years, but a typical term would be 3-5 years. You can usually negotiate the loan term with the lender, to suit your budget. For example, if you choose a shorter loan term, your monthly repayment amount will be higher but your total interest cost will be lower. If you choose a longer term, your monthly repayment amount will be lower but your total interest cost will be higher.