Maybe, like a lot of Hudson drivers, you need to buy a used car, but you also need to limit the size of your monthly payments. Is getting a long term on your car loan a good way to do that? How long can you finance a used car? The average loan term is about 60 to 72 months, though it is possible to go longer than that sometimes. But, how many years can you finance a used car before you end up owing more than what it is worth? Our finance department wants to help you make informed buying decisions. So, we’ve put together the guide below on how to finance a used car.
So, how long can you finance a used car? That is generally up to the individual lender. But getting a long term loan may not be the cheaper option, in spite of the lower monthly payments. That’s because you will end up paying more in interest over the course of a longer loan. But there is another reason why a very long loan term may not be financially viable for a lot of Saugerties drivers.
Many drivers don’t take negative equity into account when deciding how long the term of their loan should be. What is negative equity? Negative equity refers to owing more on your car than what it is worth. How many years can you finance a car before that happens? Forty-eight months is considered by many experts to be the ideal length of a car loan in most cases. Of course, that depends on how well your car retains its resale value.
The best way to finance a used car is to come into the dealership or lender prepared and informed. What do we mean by that? You can see from the steps below:
How to Finance a Used Car:
Financing a used car can be a challenge to navigate, but you don’t have to do it alone. We work with multiple lenders to get our customers the best deal. We’ll be happy to do the same for you, as well as walk you through all of your options. And, if you found this guide to be helpful, check out our guide on how to buy a used car. We’re just a short road trip from Windham. So, pay us a visit or drop us a line today!
You can’t go wrong with the 2025 Chevrolet Trax if you’re looking for a stylish, feature-rich SUV for an affordable price. With five Chevrolet Trax trim levels that all start below $25,000, this is one of the most approachable models on the market. The best part? Saving money doesn’t mean compromising a modern driving…
The 2025 Chevy Silverado 1500 is always ready to take on a new project or adventure in Hudson, boasting powerful capabilities and several robust engine options. Should you opt for a Chevy Silverado 1500 diesel or gas engine? In this in-depth performance overview, we’ll compare everything from the basic engine specs to the Chevy…
Hudson drivers have many options when it comes to choosing the right Chevy for their needs. Whether you’re looking for a capable vehicle that can provide reliable efficiency or you want something big enough to accommodate your friends and family, the 2025 Chevy Equinox trim levels can deliver. Review our detailed guide and then…