Car loan terms typically range from 24 to 84 months, with 60 to 72 months being the most common. Longer loan terms may offer lower monthly payments but often come with higher interest rates over time.
Here is what to consider when choosing a loan term:
Short-Term Loans (24-48 months): Higher monthly payments but lower total interest paid.
Medium-Term Loans (60-72 months): A balance between monthly affordability and interest costs.
Long-Term Loans (84 months or more): Lower monthly payments but higher overall interest, and you may owe more than the car’s value as it depreciates.
Choosing the right loan length depends on your budget, interest rate, and long-term financial goals. Want to explore financing options? Visit Auto Bandit to find the best car financing deals today!
