how long can i finance a new vehicle
Experts agree that the shorter a car loan the better due largely to savings on interest costs. Car buyers are getting longer and longer loan terms â with some taking out financing as long as 96 months, or eight years.
You will probably be asked how quickly you want to pay off your new car. Most auto loans are from three to five years -- 36 to 60 monthly payments. Different lengths of time can be arranged, if desired. Obviously, the longer you take to pay off the loan, the lower the payments will be.
Pros and cons of shorter and longer car loans. The average length of a car loan at the start of 2015 was 67 months; thatâs over six and a half years, and about five months longer than in 2010, according to Debt.org, a debt help organization. âThe trend is going even longer with 30 percent of car loans now stretched between 72 and 84 months,â it says.