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Is a long-term car loan a good idea? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by offering financial calculators and interactive tools, publishing original and objective content. This allows you to conduct research and compare data for free - so that you can 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 Make money The products that appear on this website come from companies who pay us. This compensation can affect the way and where products appear on this site, including such things as the order in which they may 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 loan products. However, this compensation will not influence the information we provide, or the reviews appear on this website. We do not cover the universe of companies or financial offerings that could be available to you.



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4 min read Published on January 30, 2023.
Authored by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers with the details of taking out loans to buy an automobile.







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 confidence to manage their finances by providing concise, well-researched and well-sourced information that breaks down otherwise complex topics into manageable bites.









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The process of buying a car is far more than deciding to purchase an SUV or a sedan, with red or black. If you're buying the vehicle through a loan it is also necessary decide on which repayment terms make most fit for your financial and budget goals. Prices for cars are still high compared to before that COVID-19 epidemic. The cost of a brand new car in December 2022 was more than $49,500, which is 5 percent more expensive than the same month a year earlier and more than 20 percent higher than December 2020 . The longer your loan term -- typically ranges from 24 to or two to seven years, the less expensive your monthly payments will be. But remember, the lower your monthly payments have negatives, and could cost you more over the long term. For most drivers, a long-term car loan would not be good option. There are many reasons not to take out a long-term car loan Longer-term car loans are attractive due to the fact that the monthly payments will be less than those for a shorter-term car loan. Although they permit you to buy a more expensive car while still making the payment affordable, long-term car loans can place you in a worse spot financially If you're not careful. It is more likely that you will end up upside down on loan An extended loan period means that you're more likely to become upside down sometime in the future. Being upside down on an auto loan is when you are owing more than the vehicle is worth. This is because a larger part of your monthly payments at the beginning of the loan will go toward paying interest, rather than the principal due. In the event of an upside-down loan, it can be dangerous for several reasons. If you are involved in an accident in which the car is considered as a total loss, then you could be left paying off the loan on a car that is no longer able to drive, if insurance isn't covering it. Additionally the longer you're upside down on the car loan, the longer you're in negative equity. Trading in a car with negative equity could mean that you will not have enough cash to pay off the loan -- you might even need to take out. Depreciation of vehicles is not a problem when it comes to used vehicles since during the initial few years. However, long-term car loans on cars that are used aren't the best idea. The car you are buying has an impressive amount of miles, and a longer-term car loan lets the miles increase. As an example, suppose you purchase a car that is three years old with 36,000 miles on it and that's the amount the typical American will drive for the same amount of time. If you took out a 6-year loan and travel 12,000 miles annually, the average in America will be 72,000 miles. That means your car would have 108,000 miles on it and would be approaching 10 years old when you pay it off. If you choose to sell it earlier and you find that it's not worth much or, worse, you don't have any equity at all. Higher interest Longer-term lengths typically have a higher rate of interest . This is generally because longer loans are riskier for lenders. If you have a long loan period, there's a greater chance you'll be affected by a change in your financial situation before the loan is paid back in full. Even if the interest rate of a long-term loan is similar to the shorter-term loan however, you'll still have to pay more in interest over the life of the loan due to the fact that you'll be making interest payments over a much longer time. Although your pocket may feel relief from the decreased , the trade-off might not be worth the cost. This is a crucial consideration since the Federal Reserve continues to to tackle the issue of inflation caused by pandemics. When the Fed increases benchmark rates it drives up the interest rates that private lenders provide for personal loans as well as auto loans. The median new loan price for the year 2022 was 5.16 percent . The rates varied between 3.84 percent to those having the best credit scores, to 12.93 percent for those with the lowest or most subprime scores. You're stuck with the same vehicle Before signing off on a car loan that's as long as 84 months, make sure you've and consider whether you'll want to use the same car throughout the duration. Seven years is a long time. Your requirements and needs might change. However, if you take out a long-term loan you'll remain with the same vehicle. And in most cases it is the case that extending the loan is costly. Alternatives to a long-term vehicle loan There are other options to obtain a vehicle without taking on the risks that come with a lengthy car loan. Lease a vehicle If you're having trouble getting approved for an affordable loan You may be able to lease a car . Leases can offer more affordable monthly installments. Even those with good credit are more likely to receive approval for a lease and drive a fairly new vehicle. The negatives of leasing are something you should take note of. They include limitations on how far you're able to drive during the lease term and fees to cover excessive wear and wear and tear. Perhaps most important most importantly, you'll have to return or exchange the vehicle at lease's conclusion. Find a co-signer excellent credit rating provides prospective lenders with additional assurance that you'll be able to pay the loan. This increases the likelihood to be approved even if your credit is imperfect. Make a high down payment If you want to reduce your monthly expenses by making a large down payment is a great alternative. The more you pay down at first and the more affordable your monthly payments will be. Additionally, you will get better rates from your lender. Is a long-term car loan worthwhile? A long-term car loan is not usually a good idea because of the added financial risk. While the lower monthly payment on a longer-term car loan might seem appealing initially, it's best to save additional cash to increase the down payment or choose a car that is less costly, so the monthly payment is more affordable with a shorter loan. When you are deciding to sign to a long-term auto loan, consider the downsides. Apart from costing extra over the duration of the loan, you may also end being upside down with the loan . Furthermore, your car requirements could change within five to seven years, when you're still paying off that loan. Take a look at alternative to the long-term loans, such as having a larger down payment, leasing a vehicle or finding a co-signer whose credit score can help you get more favorable loan conditions.


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Writen by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers in navigating the ways and pitfalls of using loans to buy a car.



Edited by 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 through providing clear, well-researched data that breaks otherwise complex topics into manageable bites.






Auto loans editor




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