{"id":27955,"date":"2026-04-02T19:03:57","date_gmt":"2026-04-02T19:03:57","guid":{"rendered":"https:\/\/alertfinnews.com\/?p=27955"},"modified":"2026-04-02T19:04:07","modified_gmt":"2026-04-02T19:04:07","slug":"whats-the-average-car-loan-length","status":"publish","type":"post","link":"https:\/\/alertfinnews.com\/?p=27955","title":{"rendered":"What\u2019s The Average Car Loan Length?"},"content":{"rendered":"<div>\n<div id=\"block_613b1cbb007204983884b16936fadee1\" class=\"key-takeaways sm:border-l-4 border-(--accent) sm:pl-8 my-8 relative\" style=\"--accent: var(--color-blue-medium)\">\n    <!-- htmlmin:ignore --><\/p>\n<h2 class=\"heading-4 mt-0 mb-4 text-crop-none max-sm:flex max-sm:items-center max-sm:gap-4\" id=\"key-takeaways\" data-position=\"0\" data-beam-element-viewed=\"\" data-id=\"br-h2-0-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"Key takeaways\" data-outcome=\"\">\n    <span class=\"shrink-0\">Key takeaways<\/span><br \/>\n        <span class=\"max-sm:h-0.5 max-sm:w-full max-sm:w-full max-sm:bg-(--accent) max-sm:rounded-full max-sm:block\"\/><br \/>\n    <\/h2>\n<p>    <!-- htmlmin:ignore --><\/p>\n<ul class=\"flex flex-col text-gray-700 mb-0 gap-2 list-disc\">\n<li class=\"pl-4 relative marker:text-(--accent)\">\n                                                            A longer loan term means you\u2019ll have a lower monthly payment, but you\u2019ll also pay more in interest.\n                                                <\/li>\n<li class=\"pl-4 relative marker:text-(--accent)\">\n                                                            A shorter loan term helps minimize borrowing costs and the risk of being upside-down on your loan.\n                                                <\/li>\n<li class=\"pl-4 relative marker:text-(--accent)\">\n                                                            Consider the monthly payment and overall cost of ownership when determining which auto loan term is best for you.\n                                                <\/li>\n<\/ul>\n<\/div>\n<p>Your loan term is the amount of time it takes for you to repay a loan, and it may also affect the auto loan rates you receive. On average, drivers financing a new vehicle had a car loan length of 68.94 months in the fourth quarter of 2025, while used borrowers had a term of 67.68 months, according to Experian\u2019s State of the Automotive Finance Market.<\/p>\n<p>The longer your loan term, the cheaper your monthly payments will be. However, if you have debt with higher interest rates, such as credit cards, you may consider a longer loan term to focus on paying down other balances.<\/p>\n<h2 id=\"what\" data-position=\"1\" data-beam-element-viewed=\"\" data-id=\"br-h2-1-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"What car loan terms can you expect?\" data-outcome=\"\"><strong>What car loan terms can you expect?<\/strong><\/h2>\n<p>Terms typically range from 24 to 84 months, although some lenders offer terms up to 96 months. Data from Experian shows that consumers with lower credit scores tend to opt for longer loan terms \u2014 likely to take advantage of lower payments \u2014 though most loans are for between 60 and 72 months.<\/p>\n<div class=\"w-full overflow-x-auto\">\n<table class=\"wp-block-table has-fixed-layout wrapped\">\n<thead>\n<tr>\n<th>Credit score<\/th>\n<th>New cars<\/th>\n<th>Used cars<\/th>\n<th>Leased cars<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>781 to 850 (super prime)<\/td>\n<td>64.45<\/td>\n<td>66.03<\/td>\n<td>35.55<\/td>\n<\/tr>\n<tr>\n<td>661 to 780 (prime)<\/td>\n<td>72.02<\/td>\n<td>68.78<\/td>\n<td>36.44<\/td>\n<\/tr>\n<tr>\n<td>601 to 660 (near prime)<\/td>\n<td>75.11<\/td>\n<td>68.61<\/td>\n<td>37.09<\/td>\n<\/tr>\n<tr>\n<td>501 to 600 (subprime)<\/td>\n<td>74.33<\/td>\n<td>66.89<\/td>\n<td>37.04<\/td>\n<\/tr>\n<tr>\n<td>300 to 500 (deep subprime)<\/td>\n<td>73.12<\/td>\n<td>64.26<\/td>\n<td>\u2013<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><figcaption class=\"wp-element-caption\">Source: Experian State of the Automotive Market, Q4 2025<\/figcaption><p>Borrowers with excellent credit can expect to have the best selection of loan terms with the most favorable interest rates because lenders typically view these loans as less risky. A lower credit score will limit the loan terms available to you.\u00a0<\/p>\n<h2 id=\"long\" data-position=\"2\" data-beam-element-viewed=\"\" data-id=\"br-h2-2-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"How long should you finance a car for?\" data-outcome=\"\">How long should you finance a car for?<\/h2>\n<p>Your loan term should be based on the amount you can afford each month. Aim to pay as much as you can reasonably afford to cut down on the total cost of your loan, but depending on your credit score and other factors, you may decide that a longer loan term suits your needs despite the higher interest costs.<\/p>\n<ol class=\"wp-block-list\">\n<li>\n<strong>Determine your budget.<\/strong> Consider both your monthly budget and how much you want to pay for the car itself. The general rule of thumb is to spend no more than 20 percent of your take-home pay on an auto loan payment.\u00a0<\/li>\n<li>\n<strong>Shop for preapproval.<\/strong> Most lenders allow you to apply for preapproval without undergoing a hard credit check with the initial application. This allows you to browse vehicles \u2014 usually within 30 days of preapproval \u2014 and have financing ready to go so you can act like a cash buyer.\u00a0<\/li>\n<li>\n<strong>Calculate <\/strong><strong>borrowing costs.<\/strong> Once you have an idea of the interest rate you\u2019re likely to receive, plug it into an auto loan calculator to view your estimated loan payment. You can also view the amortization table to see how much you will pay per month along with your total interest costs for each loan term.<\/li>\n<li>\n<strong>Make a decision.<\/strong> Consider both the monthly payment and the overall cost when deciding which loan term best suits your needs. You may also want to take into account other policies or overall customer satisfaction to choose the best auto loan.<\/li>\n<\/ol>\n<h2 id=\"cost\" data-position=\"3\" data-beam-element-viewed=\"\" data-id=\"br-h2-3-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"How does the car loan term affect cost?\" data-outcome=\"\"><strong>How does the car loan term affect cost?<\/strong><\/h2>\n<p>As mentioned, the longer your loan term, the more interest you will pay. If you opt for a short loan term, you\u2019ll have higher monthly payments but spend less overall.\u00a0<\/p>\n<p>This example assumes a $40,000 auto loan with a 6.5 percent interest rate. The shortest term of 36 months will cost you just over $4,000 in interest, while the longest term of 84 months will cost nearly $10,000.<\/p>\n<div class=\"w-full overflow-x-auto\">\n<table class=\"wp-block-table has-fixed-layout wrapped\">\n<thead>\n<tr>\n<th><strong>Term<\/strong><\/th>\n<th><strong>Monthly payment<\/strong><\/th>\n<th><strong>Total interest paid<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><strong>36 months<\/strong><\/td>\n<td>$1,226<\/td>\n<td>$4,135<\/td>\n<\/tr>\n<tr>\n<td><strong>48 months<\/strong><\/td>\n<td>$949<\/td>\n<td>$5,533<\/td>\n<\/tr>\n<tr>\n<td><strong>60 months<\/strong><\/td>\n<td>$783<\/td>\n<td>$6,959<\/td>\n<\/tr>\n<tr>\n<td><strong>72 months<\/strong><\/td>\n<td>$672<\/td>\n<td>$8,413<\/td>\n<\/tr>\n<tr>\n<td><strong>84 months<\/strong><\/td>\n<td>$594<\/td>\n<td>$9,894<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>Your wallet might appreciate the decreased monthly payment that a long-term loan offers, but the trade-off may not be worth the thousands of dollars you will pay in interest.<\/p>\n<h2 id=\"vs\" data-position=\"4\" data-beam-element-viewed=\"\" data-id=\"br-h2-4-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"Long-term vs. short-term car loans\" data-outcome=\"\">Long-term vs. short-term car loans<\/h2>\n<p>If you aren\u2019t sure which term is best for you, consider how the loan will impact your finances. A longer repayment period gives you a lower monthly payment. But this benefit comes at a cost. You\u2019ll pay more in interest over the loan term than you would if you choose a shorter term.<\/p>\n<ul class=\"Accordion w-full align\">\n<li x-id=\"['panel-pros-and-cons-of-a-long-car-loan-term', 'heading-pros-and-cons-of-a-long-car-loan-term']\" x-data=\"{ expanded: 0 }\" class=\"Accordion-item\">\n<button class=\"Accordion-titleContainer py-4 px-3 sm:px-6 group sm:py-6\" type=\"button\" :id=\"$id('heading-pros-and-cons-of-a-long-car-loan-term')\" :aria-controls=\"$id('panel-pros-and-cons-of-a-long-car-loan-term')\" :aria-expanded=\"expanded ? true : false\" x-on:click=\"expanded = !expanded\" :data-outcome=\"expanded ? 'open_accordion' : 'close_accordion'\"><!-- htmlmin:ignore --><\/p>\n<h3 class=\"Accordion-title my-0 mr-2 md:flex-1\">\n    Pros and cons of a long car loan term<br \/>\n    <\/h3>\n<p><!-- htmlmin:ignore --><span class=\"Accordion-icon Icon mb-0 block leading-none Icon--sm icon-base-blue-600\" aria-hidden=\"true\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"Icon-glyph\" viewbox=\"0 0 24 24\" fill=\"currentColor\" focusable=\"false\"><title>Caret Down Icon<\/title>\n<path d=\"M12 17.152c-.33 0-.675-.131-.94-.378L3.384 9.09a1.32 1.32 0 0 1 0-1.86c.51-.51 1.351-.51 1.862 0L12 13.977l6.755-6.747c.51-.51 1.351-.51 1.862 0 .51.51.51 1.35 0 1.86l-7.694 7.684a1.295 1.295 0 0 1-.94.378H12Z\" class=\"icon-base\"\/><\/svg><\/span><\/button><\/p>\n<div class=\"Accordion-contentWrapper\" :id=\"$id('panel-pros-and-cons-of-a-long-car-loan-term')\" :aria-labelledby=\"$id('heading-pros-and-cons-of-a-long-car-loan-term')\" x-show=\"expanded\" x-collapse=\"\" role=\"region\" style=\"height: 0; overflow: hidden; display: none;\">\n<div class=\"Accordion-content text-gray-700 px-3 pb-4 sm:px-6 sm:pb-6\">\n<p>If you\u2019re leaning towards a long-term car loan, here are some benefits and drawbacks to consider to make an informed decision.<\/p>\n<div class=\"flex flex-col gap-8 my-6\">\n<div class=\"ProsAndConsTable\">\n<div class=\"ProsAndConsItem\">\n<div class=\"ProsAndConsItem-headerContainer flex items-center gap-2\">\n<div><\/div>\n<p><!-- htmlmin:ignore --><\/p>\n<h3 class=\"ProsAndConsItem-header\">\n    Pros<br \/>\n    <\/h3>\n<p><!-- htmlmin:ignore -->\n<\/div>\n<ul class=\"ProsAndConsItem-list\">\n<li>Lower monthly payment: If your budget is tight, a longer term could make your auto loan payment more manageable.  <\/li>\n<li>Increased affordability: You may be able to afford a higher-priced vehicle if you opt for a long-term loan. <\/li>\n<\/ul>\n<\/div>\n<div class=\"ProsAndConsItem\">\n<div class=\"ProsAndConsItem-headerContainer flex items-center gap-2\">\n<div><img decoding=\"async\" src=\"https:\/\/alertfinnews.com\/wp-content\/uploads\/2025\/06\/remove-circle.svg.svg+xml\" alt=\"Red circle with an X inside\"\/><\/div>\n<p><!-- htmlmin:ignore --><\/p>\n<h3 class=\"ProsAndConsItem-header\">\n    Cons<br \/>\n    <\/h3>\n<p><!-- htmlmin:ignore -->\n<\/div>\n<ul class=\"ProsAndConsItem-list\">\n<li>Higher borrowing costs: The lender has more time to collect from you, so you\u2019ll pay more in interest. <\/li>\n<li>Risk of being upside-down on your loan: You could find yourself owing more than your vehicle is worth, which is particularly problematic if you plan to sell or trade your vehicle in the near future.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/li>\n<li x-id=\"['panel-pros-and-cons-of-a-short-car-loan-term', 'heading-pros-and-cons-of-a-short-car-loan-term']\" x-data=\"{ expanded: 0 }\" class=\"Accordion-item\">\n<button class=\"Accordion-titleContainer py-4 px-3 sm:px-6 group sm:py-6\" type=\"button\" :id=\"$id('heading-pros-and-cons-of-a-short-car-loan-term')\" :aria-controls=\"$id('panel-pros-and-cons-of-a-short-car-loan-term')\" :aria-expanded=\"expanded ? true : false\" x-on:click=\"expanded = !expanded\" :data-outcome=\"expanded ? 'open_accordion' : 'close_accordion'\"><!-- htmlmin:ignore --><\/p>\n<h3 class=\"Accordion-title my-0 mr-2 md:flex-1\">\n    Pros and cons of a short car loan term<br \/>\n    <\/h3>\n<p><!-- htmlmin:ignore --><span class=\"Accordion-icon Icon mb-0 block leading-none Icon--sm icon-base-blue-600\" aria-hidden=\"true\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"Icon-glyph\" viewbox=\"0 0 24 24\" fill=\"currentColor\" focusable=\"false\"><title>Caret Down Icon<\/title>\n<path d=\"M12 17.152c-.33 0-.675-.131-.94-.378L3.384 9.09a1.32 1.32 0 0 1 0-1.86c.51-.51 1.351-.51 1.862 0L12 13.977l6.755-6.747c.51-.51 1.351-.51 1.862 0 .51.51.51 1.35 0 1.86l-7.694 7.684a1.295 1.295 0 0 1-.94.378H12Z\" class=\"icon-base\"\/><\/svg><\/span><\/button><\/p>\n<div class=\"Accordion-contentWrapper\" :id=\"$id('panel-pros-and-cons-of-a-short-car-loan-term')\" :aria-labelledby=\"$id('heading-pros-and-cons-of-a-short-car-loan-term')\" x-show=\"expanded\" x-collapse=\"\" role=\"region\" style=\"height: 0; overflow: hidden; display: none;\">\n<div class=\"Accordion-content text-gray-700 px-3 pb-4 sm:px-6 sm:pb-6\">\n<p>Short-term auto loans also come with key advantages that could make them a better choice for some borrowers.<\/p>\n<div class=\"flex flex-col gap-8 my-6\">\n<div class=\"ProsAndConsTable\">\n<div class=\"ProsAndConsItem\">\n<div class=\"ProsAndConsItem-headerContainer flex items-center gap-2\">\n<div><img decoding=\"async\" src=\"https:\/\/alertfinnews.com\/wp-content\/uploads\/2025\/06\/circle-check.svg.svg+xml\" alt=\"Green circle with a checkmark inside\"\/><\/div>\n<p><!-- htmlmin:ignore --><\/p>\n<h3 class=\"ProsAndConsItem-header\">\n    Pros<br \/>\n    <\/h3>\n<p><!-- htmlmin:ignore -->\n<\/div>\n<ul class=\"ProsAndConsItem-list\">\n<li>Lower borrowing costs: A shorter loan term means lower interest costs over the loan term. <\/li>\n<li>Ownership timeline: Paying the car off over a shorter timeframe also means you\u2019ll own it outright much sooner, potentially avoid the negative impact of depreciation and free up room in your budget. <\/li>\n<\/ul>\n<\/div>\n<div class=\"ProsAndConsItem\">\n<div class=\"ProsAndConsItem-headerContainer flex items-center gap-2\">\n<div><img decoding=\"async\" src=\"https:\/\/alertfinnews.com\/wp-content\/uploads\/2025\/06\/remove-circle.svg.svg+xml\" alt=\"Red circle with an X inside\"\/><\/div>\n<p><!-- htmlmin:ignore --><\/p>\n<h3 class=\"ProsAndConsItem-header\">\n    Cons<br \/>\n    <\/h3>\n<p><!-- htmlmin:ignore -->\n<\/div>\n<ul class=\"ProsAndConsItem-list\">\n<li>Higher monthly payment: You can expect a steeper monthly payment that can limit you to lower-priced vehicles.<\/li>\n<li>Potential budgetary constraints: If you don\u2019t have much wiggle room in your budget, taking on a loan with a shorter term can be risky, especially if you don\u2019t make a sizable down payment.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/li>\n<\/ul>\n<section class=\"editorial-insight-box --insight-box +mg-vertical-md\" data-template=\"insight_box\">\n<div class=\"card-body border-l-4 border-blue-800\">\n<div class=\"content-wrapper\">\n<p>\n                    Bankrate tip\n                <\/p>\n<div class=\"content wysiwyg wysiwyg--flush\">\n<p>For some, a long-term loan might be the only way to afford a car. If this is your situation and you have a low credit score, compare multiple lenders to find the best car loan rates for bad credit.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n<h2 data-position=\"5\" data-beam-element-viewed=\"\" data-id=\"br-h2-5-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"Bottom line\" data-outcome=\"\">Bottom line<\/h2>\n<p>The average car loan length ranges between 24 and 84 months. The right terms for your needs ultimately depend on how much you can afford to pay each month.<\/p>\n<p>Although a shorter term can save you a bundle, it may not be the best fit to finance the car of your dreams. But if you can find a less expensive, comparable model, the compromise may be well worth it in the long run.<\/p>\n<div class=\"HelpfulCTA mx-auto flex flex-col items-center gap-6 my-6 py-12 text-base border-y border-gray-200\" data-helpful-cta=\"\" data-beam-element-viewed=\"\" id=\"did-you-find-this-helpful\" data-type=\"cta\" data-location=\"article-bottom\" data-position=\"banner\" data-text=\"Did you find this page helpful?\">\n<div class=\"HelpfulCTA-initial w-full flex flex-col items-center gap-4\" data-cta-initial=\"\">\n<div class=\"HelpfulCTA-question text-lg font-bold text-center text-gray-900\">\n            Did you find this page helpful?<\/p>\n<div id=\"HiV5wPlu33\" class=\"hidden\">\n<div class=\"wysiwyg wysiwyg--sm wysiwyg--flush max-w-xs\">\n<p class=\"mb-6 text-base\">\n                            <strong class=\"block font-bold text-gray-900\">Why we ask for feedback<\/strong><br \/>\n                            Your feedback helps us improve our content and services. 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0-.323.322c-.075.15-.075.603-.075 1.226v7.68c0 .623 0 1.075.075 1.226.075.14.183.247.323.322.15.075.603.075 1.228.075h.16c.625 0 1.078 0 1.228-.075a.778.778 0 0 0 .324-.322c.075-.151.075-.603.075-1.227V5.423c0-.623 0-1.076-.075-1.226a.722.722 0 0 0-.324-.322c-.15-.076-.603-.076-1.227-.076h-.161Z\" class=\"icon-base\"\/><\/svg><\/span> <span class=\"text-base leading-4\">No<\/span><br \/>\n            <\/button>\n        <\/div>\n<\/p><\/div>\n<p>    <!-- Yes Form --><\/p>\n<p>    <!-- No Form --><\/p>\n<div class=\"HelpfulCTA-thankyou flex flex-col items-center gap-2\" data-cta-thankyou=\"\" style=\"display:none;\">\n<p>Thank you for your<br \/>\n            feedback!<\/p>\n<p>Your input helps us improve our<br \/>\n            content and services.<\/p>\n<\/p><\/div>\n<\/div><\/div>\n<p>Read the full article <a href=\"https:\/\/www.bankrate.com\/loans\/auto-loans\/how-long-should-your-car-loan-be\/\" target=\"_blank\" rel=\"noopener\" rel=\"nofollow\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key takeaways A longer loan term means you\u2019ll have a lower monthly payment, but you\u2019ll also pay more in interest. A shorter loan term helps minimize borrowing costs and the risk of being upside-down on your loan. Consider the monthly payment and overall cost of ownership when determining which auto loan term is best for<\/p>\n","protected":false},"author":1,"featured_media":27956,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48],"tags":[],"class_list":{"0":"post-27955","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-mortgage"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What\u2019s The Average Car Loan Length? - Alert Fin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/alertfinnews.com\/?p=27955\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What\u2019s The Average Car Loan Length? - Alert Fin News\" \/>\n<meta property=\"og:description\" content=\"Key takeaways A longer loan term means you\u2019ll have a lower monthly payment, but you\u2019ll also pay more in interest. 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