How Long Can I Finance a Used Car?

After browsing for the perfect new or pre-owned vehicle, most shoppers will begin exploring financing options. With that being said, not everyone’s situation is the same, so having a finance team you can trust is important. When you’re getting ready to purchase a new ride to tackle your adventures, you may be curious about loan terms. Fortunately, we’ve got the expertise to assist.

So, how long can you finance a used car? Technically, there’s no maximum amount of time you can finance a vehicle for. However, most auto loan terms are around 60 to 72 months. Additionally, some lenders may have restrictions on vehicle age and mileage that can determine your auto loan term. Get a more detailed answer to, “How long can you finance a used car?” today with the experts from Sam Leman Automotive Group!

How Long Can I Finance a Used Car? – Short-Term Loans

To help you better answer, “How long can you finance a used car for?”, it’s important to understand the pros and cons of financing a vehicle with short or long-term loans. Here are some of the advantages and disadvantages of financing a vehicle with a short-term loan for your commute:

Advantages

• You’ll pay less interest over time.
• You won’t have a loan to worry about after a short few years of paying it off.
• It’s typically easier to refinance a short-term loan.

Disadvantages

• Higher monthly payments.
• May require a good credit score.

How Long Can I Finance a Used Car? – Long-Term Loans

If you don’t think a short-term loan is a good fit for your lifestyle, you may want to consider a long-term loan. Long-term loans can be a good option for many shoppers like you, so you’ll just have to consider all of its perks and drawbacks. Let’s take a look at some of the advantages and disadvantages of a long-term loan:

Advantages

• You’ll have lower monthly car payments.
• You’ll be able to choose a higher-optioned vehicle without breaking your monthly budget.

Disadvantages

• There are higher interest rates
• The longer you own a vehicle, the more depreciation it’ll experience.

Financing a Vehicle Is Simple With Sam Leman Automotive Group!

There’s technically no right or wrong decision when it comes to short or long-term automotive loans. You’ll just want to make sure you speak with professional finance professionals to help you find the right vehicle for your Bloomington, Morton, Peoria travels. If you’re ready to finance your next ride, be sure to contact our team and stop by at one of our various dealership locations!