How Long Can You Finance a Used Car?

Are you shopping for a pre-owned vehicle in the Port Huron area? If so, you may be looking for ways to keep your monthly payments low. You may also be asking, “How long can I finance a used car?” The average auto loan term for a pre-owned vehicle is 60 to 72 months, and the loan length depends on what you can afford to pay each month as well as the price of the car.

If you are shopping on a budget near Saint Clair, we encourage you to use our payment calculator to estimate your monthly payment. How long can I finance a used car? We dive into the specifics below.

Financing a Used Car 

How long can you finance a used car? There is not set limit on the length of a used car loan. However, the lender that you select may have its own limitations. For example, some financial institutions around Marysville limit used car loans to 7 years, or won’t offer loans on a vehicle with more than 100,000 miles. If you are concerned about restrictions on the length of your loan, reach out to the lender. 

How Long Can I Finance a Used Car in Fort Gratiot? 

How long can you finance a car? Both short-term and long-term loans have pros and cons. It really comes down to your preferences and budget. 

Advantages of a Short-Term Loan:

• Faster Pay-Off: By paying more each month, your loan will be paid off faster. 
• Low-Interest Expenses: You can usually expect a lower interest rate. 
• Refinancing: You have the chance to refinance down the road. 

Disadvantages of a Short-Term Loan: 

• Higher Monthly Payment: Make sure you can comfortably cover the higher monthly payment. 

Advantages of a Long-Term Loan: 

• More Affordable Monthly Payment: Your monthly payment is more affordable, as the cost is spread out over a longer period. 

Disadvantages of a Long-Term Loan: 

• Higher Interest Rates: You will likely have a higher interest rate, and you’ll end up spending more in interest over time. 
• Vehicle Depreciation: There is a higher chance of negative equity. 

Enjoy Stress-Free Financing with Moran Blue Water Chrysler Dodge Jeep Ram

For a hassle-free used car shopping experience, look no further than Moran Blue Water Chrysler Dodge Jeep Ram. We are here to guide you through the process every step of the way. Our team can answer your questions and ensure you get some of the most competitive rates in the Fort Gratiot area. Get in touch with us today, or get pre-approved in no time.