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Getting a car loan for 60 months – is it the right choice? Each length of term has its own distinctive strengths and weaknesses. Lengthier car loans split the loan amount into more, and consequently more affordable installments over a greater timeframe. However, this extended reimbursement period makes the car or truck cost a good bit more by the time you have fully paid it off. On top of that, the borrower will probably be faced with negative equity for a longer period of time.

Shorter, 24-48 month car loans allow you to pay back your car or truck in less time. You’ll pay less in the form of total interest, and you will be less at risk of what you owe versus how much your vehicle is worth. Then again, the monthly payments will run you a good bit more than they would on a 60 to 84 month loan.

Below, we have posted the distinct pros and cons. Remember, a 60 month car loan makes for a decently long-term repayment period.

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

Why not apply for the 5 year car loan you need? Click here to begin!

60 Month Auto Loan Rates

Your actual annual percentage rate depends on many variables apart from how long you will be paying off your car.

That said, we’re able to show you some estimated payments and finance fees based on interest rates for excellent, good, fair, bad, and terrible credit. These estimates are based on a $20,000 loan.

Rate Of Interest

Payment per Month

Total Interest Paid

  • 4.5% APR

  • 6.0% APR

  • 8.0% APR

  • 12% APR

  • 20% APR

  • $370

  • $385

  • $405

  • $445

  • $530

  • $2,370

  • $3,200

  • $4,330

  • $6,695

  • $11,790

Essentially, the monthly installments on your [year] year auto loan will be low, and the total interest you pay will be high. Sixty month auto loans are now very popular among American consumers, as they offer an arguably good split between affordable month payments and a reasonable amount of total interest paid.

Does this fit well with your needs? If so, we will help you get your credit accepted for the 60 month auto loan you need…online!

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