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How long should your car loan be? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by offering interactive tools and financial calculators that provide objective and original content. This allows you to conduct your own research and compare information for free and help you make informed financial decisions. Bankrate has partnerships with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this site are from companies who pay us. This compensation can affect the way and where products appear on this site, including, for example, the order in which they may appear in the listing categories and other categories, unless prohibited by law. Our loans, mortgages,, and other home lending products. However, this compensation will have no impact on the information we provide, or the reviews that you see on this site. We do not include the vast array of companies or financial deals that may be available to you.



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4 min read . Published 19 August 2022
Expert verified. How is this site certified by an expert?
At Bankrate we consider the quality of our content very seriously. "Expert verified" means that the Bankrate Financial Review Board thoroughly evaluated the article for clarity and precision. The Review Board comprises a panel of experts in finance whose goal is to make sure that our content is always neutral and fair. The reviewers hold us accountable for publishing high-quality and trustworthy content.




Written by Bankrate Written by

This article was written with the help of automation technology, and then verified and edited by an editor on our editorial team.







Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since late 2021. They are dedicated to helping readers gain the confidence to take control of their finances by providing concise, well-researched and well-written information that breaks down otherwise complex topics into manageable bites.







Reviewed by Mark Kantrowtziz Reviewed by Nationally known expert on student financial aid

Mark Kantrowitz is an expert on student financial aid, the FAFSA as well as 529 plans, scholarships, education tax benefits and student loans.









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Deciding on the duration of your vehicle's financing is the most important thing to consider when you are trying to choose the perfect auto loan. A longer loan term will lower your monthly payment however, you'll be paying more interest over the duration that of the loan. A shorter loan period means that you'll pay less interest overall, but your monthly payments will be higher. How do you determine the appropriate term length When choosing the length of your car loan be sure to consider your loan period in relation to the price of the vehicle and your personal financial position. A longer loan term will lower the monthly payment but may not be the most suitable option if you can manage a larger loan payment or don't mind a less expensive vehicle. Bankrate tip: It is important to consider your budget as well as both the transaction and the maintenance costs before you purchase the car. Get for an auto loan through your bank or credit union before you shop for a vehicle. To determine the best duration for your car loan, follow these steps: Determine your budget. This should be your monthly budget and how much you want to spend on the car it self. Be aware of how your finances is likely to change and consider that. Prequalify with at least three lenders. Shopping around can assist you in getting a lower interest rate. The local credit union can get you better payments, especially in the case of an existing relationship with them. Check the total amount of rates of interest. Consider your prequalification results and then plug them into an to see the amount you'll have to be paying each month and how much interest you will pay in the long run. Make a decision. Think about both the monthly payments and the overall cost when deciding which loan term is best suited for your needs. Short-term and long-term auto loans While a long loan will offer the ability to buy a more expensive car, it will also mean higher interest rates for a longer time. Even though the monthly payment will be lower but the total price will be higher. A shorter auto loan, on the other hand, offers lower interest however a greater monthly cost. When your spending plan isn't right, or you notice a sudden shift to your earning capacity, you could end up struggling with those payment. There is no perfect loan length for each driver, so consider the benefits and drawbacks of each before signing off on the next car. The advantages and disadvantages of a long-term car loan A is a great option if your budget isn't able to cover a higher monthly payment. Since your monthly installment will be less this could also make it easier to afford an expensive car. However, with a longer auto loan you'll pay more interest overall. A longer-term loan can also increase the chance of being caught in the middle of your loan or paying more than what the car is worth. This scenario can make trading in or selling the vehicle more difficult. Benefits and drawbacks of a short-term auto loan When longer-term auto loans can mean an excessive quantity of fees, a short-term means less interest paid overall. This also means that your vehicle will be available even sooner. Along with this, newer cars are selling at a rapid rate within the first five years, meaning it's likely you won't be able to pay more than what your vehicle is worth over an extended time. If you're on a tight budget taking out an immediate loan is not a wise choice. This is especially true if you don't have an enormous . To prevent this from happening, stay away from expensive cars that may strain your budget. Reasons to consider a shorter loan period There are many reasons to consider signing off on the shorter loan. You will have to pay off your loan earlier, which means you'll get the most of the vehicle you've purchased, and you will not be left with a large loan due to. Be aware of these important aspects when deciding on the length of the loan. Lower payments over time A longer loan term could mean making payments for between five and seven years. A shorter, two-to four-year loan will put you in the full ownership of your car sooner that means you'll be able to get the money back in your monthly budget , and you can utilize it to pay off high-interest debts or to save. You're less likely to be upside-down in your loan If you have to change or sell your car then you'll have the flexibility to make the necessary changes. It is likely that you won't have a higher balance than your car's value and it will be possible to trade it in when you're ready for an alternative vehicle. Greater resale value having a less chance of getting in a position of being upside down on your loan and the fact that you can pay off your car earlier is a sign that it's more valuable when you're finished the payment. So if your financial situation alters and you're forced to upgrade -or simply want something fresh -- you'll be able to get more for it than if you were to wait five or seven years. The bottom line It's important to consider what kind of car you could truly afford. Beyond the total cost of the loan, consider the amount you could put on your car every month, which includes gas and insurance. A shorter term may not be the ideal choice for the automobile you've always wanted. However, if a comparable model is cheaper and could stop you from getting an extended-term loan and it is worth the compromise. No matter if you choose the shorter or longer term make sure you obtain the best price possible. Learn more


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Written by

This article was generated with the help of automation technology, and then verified and edited by an editor from our editorial team.



The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate from late 2021. They are enthusiastic about helping readers gain confidence to take control of their finances through providing precise, well-studied information that breaks down complicated topics into manageable bites.






Auto loans editor


Review by Mark Kantrowtziz. Reviewed by Nationally recognized student financial aid expert

Mark Kantrowitz is an expert on financial aid for students, the FAFSA as well as 529 plans, scholarships educational tax benefits, student loans.






Nationally anerkannt student financial aid expert




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