QandAs: Loans

What are the different lengths of Car Loans?

Answer:
The most common lengths for new car loans are

36, 48, and 60 months. These have been the industry standard for decades and are available from most lenders. More recently, some banks and car dealers have offered financing for 72 and 84 months at slightly higher rates.

A longer term gives you lower monthly payments, but you will pay more interest over the life of the loan. For used cars, 24- and 36-month loans are widely available, with some lenders offering up to 60 months at certain price levels.

Whatever the length, remember that you can always pay off the loan early and save on interest.


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