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

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the details of taking out loans to buy a car.







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 confidence to take control of their finances through providing precise, well-studied information that breaks down otherwise complicated topics into bite-sized pieces.









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Purchasing a vehicle takes much more than choosing whether to get an SUV or sedan in red or black. If you're purchasing the vehicle through the help of a loan and you'll need decide on which repayment terms make most suitable for your budget and financial goals. Car prices are still steep in comparison to the time before there was the pandemic COVID-19. The price of a new vehicle for December of 2022 was more than $49,500 -- 5 percent higher than the same month one year earlier , and more than 20 percent more than December 2020 . The longer the loan period -- generally ranging from 24 to , or two to seven years -- the lower your monthly payments will be. But be aware that having a lower monthly cost has drawbacks, including potentially costing you more over the long run. For most people that are in the long run, a long-term auto loan would not be wise option. The reasons to stay clear of the long-term car loan Longer-term car loans are attractive due to the fact that the monthly payments are less than those for a shorter-term car loan. Though they allow you to purchase a higher-priced car , but still make the payments affordable, long-term car loans can place you in a more difficult spot financially when you're not cautious. The more likely you are to be upside down with a loan The longer loan period means that you're more likely to be at some point in the future. Being upside down on an auto loan means that you have more debt than your car is worth. This is because a larger part of your monthly payments early in the loan will go toward paying interest, rather than the principal owed. In the event of an upside-down loan, it can be risky for a variety of reasons. If you had a car accident where the car is deemed to be as a total loss, then you may end up needing to pay back a loan on a car that you are unable to drive, if insurance isn't covering it. In addition the longer you're upside-down on the car loan, the longer you have negative equity. Selling a car with negative equity is a sign that you will not be able to pay off the loan -- and you may even have to you take out. Vehicle depreciation is less of an issue with used cars since a during the initial few years. However, long-term car loans on cars that are used don't work. A used car likely already has plenty of miles on it, and a longer-term car loan will allow the miles to pile up even higher. Consider, for instance, that you purchase a car that is three years old with 36,000 miles that's what the average American is driving in the same amount of time. If you took out a 6-year loan and you drive 12,000 miles annually, the norm in America is 72,000 miles. This means that your vehicle will have 108,000 miles, and will be nearing 10 years old when it's fully paid off. If you decide to sell it sooner, you may find it's not worth the money or, even worse, you have no equity at all. Higher interest Longer-term lengths typically come with much higher . This is generally because longer loans are more risky for lenders. With a longer loan term it is more likely that something might impact your financial situation before the loan is fully paid. Even in cases where the interest rate on an extended loan is the same as a shorter term, you will still have to pay more interest over the duration of the loan due to paying interest for a longer time. Although your wallet might feel relief from the decreased , the trade-off might not be worth it. This is an especially important factor to take into account because you consider that the Federal Reserve continues to to combat the issue of pandemic-related inflation. When the Fed increases benchmark rates it drives up interest rates private lenders offer for personal loans and auto loans. The median new loan rate for 2022 was 5.16 percent . However, rates ranged between 3.84 percent for those with the highest credit scores up to 12.93 percent for borrowers who have the weakest or the least subprime scores. Are you stuck with the same car? When you sign a car loan that's up to 84 months, make sure you've and consider whether you will want to drive the same vehicle for the duration of the loan. Seven years is a very long duration. Your needs and circumstances could shift. However, if you take out a long-term loan you'll be stuck with the same vehicle. In most cases it is the case that extending the loan can cost you money. Alternatives to a longer-term car loan There are many other ways to purchase a car without taking the risks that come with a lengthy car loan. Lease a vehicle If you're having trouble getting an approval for a favorable loan, you may . Leases can offer more affordable monthly payment. Even drivers with fair credit are more likely to get approval for a lease and drive an incredibly new car. The disadvantages of leasing are important to take note of. They have limitations on the number of miles you're able to drive during the lease term and fees for excessive wear and tear. Perhaps most important of all, you'll need to either return or replace the vehicle when the lease comes to an expiration. Find a co-signer excellent credit rating provides prospective lenders with additional assurance that you will pay off the loan. This will make you more likely to receive approval even if you have credit is imperfect. Make a high down amount if you are looking to lower your monthly costs, making a high down payment is an excellent alternative. The greater the amount you pay down at first, the lower your monthly payment will be. Also, you are likely to be offered better rate from the lender. Do you think a long-term auto loan worthy of the risks? A long-term auto loan is often not an option due to the increased risk to your finances. While the lower monthly payments for a long-term auto loan might seem appealing at first, it is best to save additional cash to increase the down payment or select a less expensive car, so the monthly payment is affordable for a shorter loan. The bottom line Before signing to a long-term auto loan, consider the downsides. In addition to costing extra over the duration of the loan it could also mean that you end in a position where you're upside down on the loan . Furthermore, your car needs may be different within five to seven years when you're still paying back that loan. Consider the alternatives to long-term loans for example, paying a higher down, leasing a vehicle or obtaining a co-signer with a credit score could help you obtain better loan terms.


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Authored by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the ins and outs of securely using loans to buy a car.



Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate from late 2021. They are dedicated to helping readers gain confidence to manage their finances through providing concise, well-studied facts that break down complex subjects into digestible pieces.






Auto loans editor




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