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24 Month Auto Loans

2 Year Car Loan
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Getting an auto loan for 24 months – is it the right choice? Without a doubt, 24 months is a very short time to pay off a car loan. Short-term, 2-4 year auto loans allow you to completely pay down your vehicle more quickly, and you won’t pay so much in the way of total interest. However, there’s a drawback: the payments will set you back a good bit more than they would for a 5-7 year loan.

Long-term auto loans break down the amount borrowed into more, and thus less expensive, repayments over a greater length of time. However, this extended settlement length makes the vehicle cost a good deal more in the end. Furthermore, you may be facing an “upside down” equity scenario for a more extended stretch of time.

Down below, we have displayed the distinct strengths and weaknesses. Bear in mind, 2 years makes for a very short-term loan.

Longer Term

Shorter Term

  • Cheaper Monthly Payments

  • More Interest Paid

  • Worse Interest Rates

  • More Risk of Being Upside Down

  • Higher Depreciation

  • Expensive Monthly Payments

  • Less Interest Paid

  • Better Interest Rates

  • Less Risk of Being Upside Down

  • Lower Depreciation

Want to apply for a 2 year car loan? Just click here to begin!

2 Year Car Loan Payments

The annual percentage rate on any 2 year auto loan will vary based on your credit scores, location, and your lending company.

Having said that, we’re able to provide you with a number of monthly payments and finance fees for 24 month car loans with 4.5%, 6%, 8%, 12%, and 20% rates of interest. These estimates 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

  • $870

  • $885

  • $905

  • $940

  • $1,020

  • $950

  • $1,275

  • $1,710

  • $2,595

  • $4,430

Clearly, with regards to 24 month car loans, you will probably have a very high monthly payment coupled with a very low total interest amount paid. The 2 year auto loan is best-suited for buyers who would like to minimize the amount of interest paid at all costs. Does this suit your needs? In that case, we will help you get pre-approved for the 2 year car loan you need – online!

Just Click Here to Apply!