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120 Month Auto Loans

Are you interested in getting a car loan for 120 months?  Keep in mind, that is an unbelievably long time to be paying off an auto loan.

Extended car loans divide the loan amount into more, and consequently less expensive monthly payments over a longer period of time, but you will ultimately pay a good bit more in the way of total interest. Additionally, you will probably be up against negative equity for a longer period of time.

Shorter car loans help you pay back your vehicle faster. You’ll pay less in the form of total interest, and you’ll be in a stronger position in relation to negative equity. Having said that, the payments will cost you a good bit more than they would for a 60 to 84 month loan.

Listed below are the various positives and negatives. Bear in mind, 120 months makes for an insanely long-term loan.

Short Term Long Term
  • Higher Monthly Payments
  • Lower Total Interest
  • Lower APR Rates
  • Less Negative Equity
  • Better Trade-in Value
  • Lower Monthly Payments
  • Higher Total Interest
  • Higher APR Rates
  • Higher Negative Equity
  • Lower Trade-in Value


10 Year Auto Loans: Rates

In actuality, 120 month car loan rates vary based on your credit ratings, location, and your loan company.

That said, we’re able to provide you with some monthly payments and interest amounts paid based on excellent, good, fair, bad, and terrible credit. These figures are based on a $20,000 loan.

Rate Of Interest Monthly Payment Total Interest Amount
  • 4.5% APR
  • 6.0% APR
  • 8.0% APR
  • 12% APR
  • 20% APR
  • $210
  • $220
  • $245
  • $285
  • $385
  • $4,875
  • $6,645
  • $9,112
  • $14,435
  • $26,380

As you can tell, when dealing with 10 year auto loans, you will probably have a very low payment per month coupled with a very high amount of total interest paid. A 120 month auto loan is really only realistic for people who are financing a vintage, classic, exotic, or otherwise special car which will increase in value (appreciate) during the 10 year course of the loan. This appreciation can offset the very high amount of total interest that will be paid on the vehicle.

Where to Get 120 Month Auto Loans

Few banks and credit unions offer loans of this length.  If you are financing a classic or exotic vehicle, you have a number of options:

  • J.J. Best Banc and Co
  • Hagerty
  • Lightstream
  • Woodside Credit

And here’s an article from Hemmings Motor News on the subject.  The vehicle often has to be appraised, though the process varies.

If you are simply trying to afford an expensive vehicle, you may want to contact a local vehicle finance specialist about your options.  Most dealerships do not offer such long-term financing, but they do offer up to 84 or 96 month financing.  This would be tough to secure for a private party purchase.