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What should the duration of the duration of your vehicle loan be? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission 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 data at no cost and help you make sound financial decisions. Bankrate has partnerships with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this site come from companies who pay us. This compensation may impact how and when products are featured on this site, including for instance, the order in which they may appear within the listing categories and other categories, unless prohibited by law. Our mortgage, home equity, and other products for home loans. This compensation, however, does have no impact on the information we provide, or the reviews that appear on this website. We do not contain the vast array of companies or financial offerings that could be accessible to you.



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4 min read Published on August 19, 2022.
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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 passionate about helping readers gain confidence to manage their finances with concise, well-researched and well-written information that breaks down otherwise complex topics into manageable bites.







Reviewed by Mark Kantrowtiz Reviewed by Nationally acknowledged student financial aid expert

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









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Choosing the length of your vehicle's financing is a key step when it comes to picking the ideal auto loan. A longer loan period will reduce the monthly installment however you'll be paying more interest over the course of your loan. A shorter loan term means you will pay less interest overall, but your monthly installments will be higher. How do you determine the appropriate duration of the loan? When you are selecting the length of your car loan be sure to consider how long the loan term in relation to the cost of the car as well as your financial situation. A longer loan term will lower the monthly payment, but it might not be the most suitable option if you can pay for a larger loan amount or are willing to pay for a less expensive vehicle. Bankrate's tip: It's essential to look at your budget as well as both the transaction and the maintenance costs before you purchase an automobile. Consider a car loan with your credit union or bank ahead of shopping for a car. To find the ideal duration for your car loan Follow these steps: Establish your budget. It should be your monthly budget, and the amount you wish to put aside for the vehicle the car. Think about the possibility that your situation will change, and take that into consideration. Prequalify with at least three lenders. Doing some research will assist you in getting a lower interest rate. A partnership with your local credit union can get you better payments, especially if you have an existing relationship with them. Check the total amount of amount of interest. Consider your prequalification results and add them to an account to calculate the amount you'll have to be paying each month, and the amount of interest you'd be paying in total. Make a decision. Consider both the monthly payment and the overall cost before deciding on which loan timeframe is most suitable to your requirements. Long-term versus short-term auto loans While a longer loan will offer the ability to purchase a more costly vehicle, it does mean greater interest over a longer period. So even though the monthly payment is lower however, the total cost will be more costly. An auto loan, on the other side, has less interest paid however a greater monthly cost. When your spending plan isn't on, or there's a sudden change of your earnings, then you could end up struggling with those payment. There's no ideal loan length that is suitable for all drivers, therefore, you should consider the advantages and drawbacks of each before signing off on your next car. Benefits and drawbacks of an extended-term automobile loan A is an excellent option if your budget isn't able to afford a larger monthly payment. Because your monthly payments will be lower this could also make it easier to afford the cost of a more expensive vehicle. However, with a longer auto loan it will cost you more in interest over the course of. A longer-term loan also increases the risk of finding yourself on your loan or owing more than the vehicle is worth. This scenario can make selling or trading in the car more complicated. The advantages and disadvantages of an auto loan with a short term loan While long-term auto loans could result in an over quantity of fees, a shorter term will mean less interest is paid in the end. This also means that your car will be fully yours even faster. Along with this, newer at a fast rate in the first five years, so it's likely you won't end up paying more than the car is worth over an extended time. If you're on a tight budget taking out an immediate loan is a riskier choice. This is particularly true if you don't have a substantial . To avoid this, stay away from costly cars that may strain your budget. There are many reasons to think about a less loan period There are many reasons to consider signing off on the shorter loan. You will pay off your loan sooner, meaning you'll get the most of the vehicle you've purchased and won't be left with an enormous loan that you have to repay. Be aware of these important factors when deciding the length the loan. Less years to pay longer loan term may mean payments over five to seven years. A shorter, between two and four-year period will place you in full possession of your car sooner and you'll receive the cash back into your monthly budget , and you can make use of it to pay down high-interest debts or to save. It's less likely that you'll be upside down in your loan If you need to sell or upgrade your vehicle and you're in need of a new car, you'll have the flexibility to make the switch. There's a good chance that you won't be owing an unsustainable balance over what the value of your vehicle and it will be easier to swap out when you're ready to move on to an alternative vehicle. Greater resale value having a less chance of being in a position of being upside down on your loan and getting your car paid off earlier means it will be more valuable when you're finished the payment. So if your financial situation changes, and you need to make a change -- or you just want something fresh -- you'll be able to get more for it than if you had to wait five or seven years. The bottom line It's important to think about what kind of car you could really afford. Beyond the total cost of the loan, consider how much you can put towards your car each month, including fuel and insurance. A shorter term may not always be an option for the car you've always wanted. If a comparable car is less expensive and can prevent you from taking out the longer-term loan, it may be worth the tradeoff. If you decide to go with either a shorter or longer-term make sure you find the most affordable deal. Learn more


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Written by

This article was written by using automated technology. It was then thoroughly checked for accuracy and editing by an editor from our editorial team.



Editor: Rhys Subitch Edited by Auto loans editor

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






Auto loans editor


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

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






Nationally anerkannt student financial aid expert




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