How Long Can You Finance A Used Car?

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More and more used car buyers are learning to go after the features and capabilities that they really want, but since impressive amenities often come at a premium, these drivers are also doing everything they can to push their monthly payments as low as they can go. Used car financing can make it easy to get behind the wheel of a model you’ve always wanted, but how long can you finance a used car? Get the answers you’re searching for below.


How Many Months Can A Used Car Loan Be?

84 months is the longest term offered by most lenders and dealerships near Bethlehem and Fountain Hill. However, choosing the longest loan term may not always be the best idea. Instead of asking, “How long can you finance a used car?” you should be wondering, “how long should you finance a used car?”

If you’re eager to explore your options already that includes the used QX80 and the used Q50, check out our full used inventory or our extensive lineup of models priced under $10K in Allentown. How many months can a used car loan be at our dealership? We’ll work with you to make a plan when you apply for financing.

How Long Should You Finance a Used Car?

Used car financing terms can often be customized in order to better suit your needs. In most cases, you’ll have the option to select a financing term ranging anywhere from 12 months to 84 months. Here’s what you should consider when you’re working out your term:

  • Term vs. Interest: Longer terms mean lower monthly payments, but higher total costs. That’s because you’ll pay a certain percentage of your total loan value in interest, every year.
  • How Long Will You Own It? You need to have an idea of what your vehicle’s true value will be down the line. If you’re paying off your loan very slowly, it’s likely that you’ll generate negative equity–when you owe more than the car is worth! This puts you in a weak position if you need to claim insurance or trade in your vehicle.
  • Negative Equity Risks: If you’re going to finance a used car, plan on choosing a model that you’ll keep for long after your loan is paid off. You definitely don’t want to choose a loan term that’s longer than your planned period of ownership.

Ultimately, you need to factor in the cost of fuel and the cost of insurance when you’re working out your monthly budget. If you don’t want to pay more than $500 a month–a hard limit for many drivers–a longer loan term can help you prepare for regular costs and surprises.

Finance Used Cars with the Experts at Bennett INFINITI of Allentown

We’re here to help you work out a budget that fits your lifestyle, and find an affordable used car that meets all your needs in Philadelphia. Explore our car buying tips or apply for financing today, even if you have no credit.

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