Car loan length calculator
- how long is typical car loan
- how long is typical auto loan
- how long is typical car payment
- how many years is average car loan
Typical car loan interest rate
How old of a car can i finance for 72 months.
What Is the Average Length of a Car Loan?
The average length of a car loan is 72 months or six years. However, the length of car loans can vary from as short as 12 months to as long as 96 months.
Most lenders offer a range of car loan lengths in 12-month increments.
A shorter-term loan has higher monthly payments, but borrowers pay less interest throughout the loan.
72 months car loanLonger-term loans have lower monthly payments but garner more interest. The right length of loan depends on a borrower's financial circumstances.
Key Takeaways
- The average length of a car loan is 72 months or six years.
- Most car loan lenders offer a range of loan terms in 12-month increments.
- A shorter-term car loan comes with higher monthly payments but may save thousands of dollars in interest.
Pros and Cons of Longer Car Loans
Most auto loan lenders offer a range of options for the length of auto loans.
Both long- and short-term loans have advantages and disadvantages.
Advantages of Longer-Term Car Loans
- Lower monthly repayments that may be easier to afford.
- Making regular, on-time payments
- how long is average auto loan
- how long is average car payment