How Long Can I Finance a Used Car?

Tiny car with coins and finance paperwork

If you’re getting ready to buy your next vehicle, you might be wondering, “How long can I finance a used car?” The answer varies. On average, most people sign an loan term for about 60 to 72 months in Steubenville. However, rising car prices mean that average could continue to go up. Learn the ins and outs of auto financing with help from Straub Honda, and visit the finance center in Triadelphia to get the process started.

Maximum Amount of Time to Repay a Car Loan

While there’s no official maximum time to repay a car loan, most banks have a few limitations in place for protection. In fact, some banks have a policy on used cars that prevents duyers from financing vehicles over seven years old and with over 100,000 miles on their odometers. If you’re curious, we recommend reaching out to your preferred lender to see if they have any restrictions in place.

What Are the Pros & Cons of Short-Term Loans?

Short-Term Loan Pros:

  • Low Interest Expenses: Shorter long terms mean fewer payments, which means less interest overall.
  • Faster Pay-Off: The higher monthly payments mean you’ll pay off your loan faster than a longer-term option.
  • Refinancing: If you have strong credit, it’s easier to refinance down the road with a short-term loan. Longer-term loans carry a higher risk of being upside down.

Short-Term Loan Cons:

  • Higher Monthly Payment: A shorter loan term means higher payments every month. Make sure you can afford the costs before you commit.

What Are the Pros & Cons of Long-Term Loans?

Long-Term Loan Pros:

  • More Affordable Monthly Payment: When you opt for a longer term loan, the total payment is stretched out over many months – which means a lower payment every month.

Long-Term Loan Cons:

  • Higher Interest: The longer you pay off your loan, the longer you’ll pay interest. So long-term loans bring higher interest costs over time.
  • Vehicle Depreciation: All cars depreciate over time, and the longer the length of the auto loan, the more time your car will spend as “negative equity.” This occurs when the car’s cash value is less than the balance of the loan.

Explore Your Financing Options at Straub Honda

So, “How long can I finance a used car to get the best deal possible?” Find out with Straub Honda. Our team is happy to help Wheeling and Moundsville drivers find the flexible financing solutions that work for any budget. Contact us to get started and apply for financing from the comfort of your own home!

 

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