How Long Do Car Loans Usually Last?

Posted: Thursday, January 10th, 2019

When using a car loan to purchase a vehicle in the St. Louis area there are a number of factors to consider, including your car loan length. Find out the average car loan length and how that impacts your financing at Green Light Auto Credit.

How Long is the Average Car Loan?

When asking the question, “How long does a car loan last?” you are going to get multiple answers. While auto loans can vary, the average car loan last 72 months, or about six years. Yet, the average length of car ownership is only 79 months. Meaning drivers only go 7 months in between paying off their vehicles and starting a new car payment.
Happy Green Light Auto Credit customer with car

Other Car Loan Lengths

While 72 months may be the average, there are other car loan length options:

  • 24 months
  • 36 months
  • 48 months
  • 60 months
  • 72 months
  • 84 months

Whether you are looking for a short term or long term loan, there are a variety of financing options out there around St. Charles and Florissant.

Long Term vs. Short Term Loans

When looking at the length of your loan, you will need to weigh the advantages and disadvantages of short term vs. long terms car loans.

  • Short Term Loans: While short term loans mean a larger monthly payment, they cost you less in interest over the length of your loan.
  • Long Term Loans: These loans spread your payments out over a longer period of time which leads to lower monthly payments. The flip side to long term loans is that borrowers will pay much more over time in interest.

When making financing decisions, be honest with yourself about your car budget, from monthly payments to the total cost of your vehicle loan.

Secure a Car Loan Today at Green Light Auto Credit

Need help finding the right car loan for your situation? The experts at Green Light Auto Credit can go over all your options to find a loan to match your needs. Contact us today to take the first step in purchasing your next vehicle!