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What is the length of the duration of your vehicle loan be? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial choices by providing you with interactive financial calculators and tools that provide objective and original content. This allows users to conduct research and compare data for free — so that you can make sound financial decisions. Bankrate has agreements with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make money The products that are advertised on this site are from companies that compensate us. This compensation could affect how and when products are featured on this website, for example such things as the sequence in which they be listed within the categories of listing in the event that they are not permitted by law. This applies to our mortgage, home equity and other home lending products. However, this compensation will affect the information we provide, or the reviews that you see on this site. We do not include the vast array of companies or financial offerings that could be accessible to you.
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4 minutes read. Published August 19, 2022
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Rhys has been writing and editing for Bankrate from late 2021. They are dedicated to helping readers gain the confidence to control their finances with precise, well-studied information that breaks down otherwise complex topics into manageable bites.
Review by Mark Kantrowtziz. Reviewed by Nationally recognized expert on student financial aid
Mark Kantrowitz is an expert on student financial aid including the FAFSA and scholarships, 529 plans, education tax benefits and student loans.
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The length of your vehicle’s financing is an important factor in deciding on the right auto loan. A longer loan term will lower the monthly payment however, you’ll be paying more interest over the duration of the loan. A shorter loan term means you will pay less interest overall, however, your monthly payments will be more expensive. How to determine the right term length when choosing your car loan take into consideration the length of the loan term in relation to the cost of the car and your personal financial position. A longer loan period will reduce the amount of your monthly payments however it may not be the most suitable option if you can manage a larger loan payment or don’t mind purchasing a car that is less costly. Bankrate’s advice: It’s important to consider your budget and — the purchase and maintenance costs before you purchase an automobile. Consider a car loan from your credit union or bank prior to shopping for a car. To determine the best term length for your car loan Follow these steps: Decide on your budget. It should be your monthly budget and the amount you wish to pay for the car the car. Consider how your finances is likely to change and consider that. Be sure to qualify with at least three lenders. A little research can assist you in getting a lower interest rate. The local credit union could afford you better payments, especially in the case of an existing relationship. Check the total amount 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 be paying overall. Make a decision. Take into consideration both the monthly installment and the overall cost before deciding on which loan term is best suited to your needs. Short-term and long-term auto loans Although a longer loan will offer the ability to purchase a more costly vehicle, it does mean higher interest rates over a longer period. Therefore, even although the monthly installment is lower, the overall cost will be more costly. The shorter loan, on the other side, has lower interest, but a higher monthly cost. When your spending plan isn’t spot on, or there’s a sudden change to your earning capacity, you might end up struggling with those payment. There is no perfect loan length for every driver take into consideration the advantages and drawbacks of each before you sign off on your next car. The advantages and disadvantages of the long-term automobile loan A is an excellent choice if your budget cannot afford a larger monthly payment. Since your monthly installment will be lower and it could make it easier to afford the cost of a more expensive vehicle. However, with a longer auto loan you’ll pay more in interest over the course of. A longer-term loan can also increase the chance of being caught in the middle of your loan or owing more than the vehicle is worth. This could make trading in or selling the vehicle more difficult. The advantages and disadvantages of a short-term auto loan Where longer-term auto loans can result in an excessive amount of interest, a shorter term means less interest paid overall. This also means that your vehicle will be yours even faster. In addition, the newer models are sold at a fast rate in the first five years, meaning it’s likely you won’t end up paying more than the car is worth over a long time. If your budget is in a pinch taking out a short-term loan is not a wise choice. This is particularly true if you don’t have an enormous . To avoid this, stay clear of expensive vehicles that could eat up your budget. The reasons to think about a shorter loan period There are a few reasons to sign off on the shorter loan. You will be able to pay off your loan faster, which means that you can take full advantage of the car you’ve purchased and won’t be left with an enormous loan to pay off. Consider these top factors when you decide on the duration of your loan. Lower payments over time A longer loan term may mean payments for five to seven years. A shorter, between two and four-year period will place you in the full ownership of your vehicle much earlier that means you’ll be able to get the cash back into your monthly budget and can utilize it to pay off high-interest debts or to save. It’s less likely that you’ll be upside down on your loan If you’re looking to sell or upgrade your car then you’ll have more flexibility to make the necessary changes. There’s a good chance that you won’t be owing more than what the value of your vehicle, making it easy to sell it to get another vehicle. A higher resale value having a lower chance of getting over-paying on your loan, getting your car paid off earlier is a sign that it’s worth more when you’re done making payments. So if your financial situation changes, and you need to upgrade — or you just desire a change — you’ll receive more than if you had to wait for five or seven years. The bottom line It’s important to be mindful of the amount of car you can actually afford. Beyond the total amount of the loan take into consideration how much you can pay on your car every month, which includes gas and insurance. A shorter-term loan may not always be an option for the car you’ve always wanted. But if a similar model is less expensive and can keep you from taking out a longer-term loan and it is worth the tradeoff. If you decide to go with either a shorter or longer-term ensure that you obtain the best price possible. Learn more
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Written by
The article was created using automation technology and thoroughly verified and edited by an editor on our editorial staff.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to control their finances with precise, well-studied information that breaks down otherwise complex topics into digestible chunks.
Auto loans editor
Reviewed by Mark Kantrowtziz Reviewed by Nationally known student financial aid expert
Mark Kantrowitz is an expert on student financial aid, the FAFSA and 529 plans, scholarships educational tax benefits, student loans.
Nationally acknowledged expert in student financial aid
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