How Long Can You Finance a Used Car?

You can finance a new or used car purchase from the team at Welborn Chevrolet of Rome when you want to elevate every drive in Dalton. If you want a certified pre-owned vehicle, you’ll get a like-new vehicle without paying a new vehicle price. A new vehicle will have a full warranty for a new Chevy or GMC vehicle, like a Chevy Blazer or a GMC Sierra 1500. Find out the answer to, “How long can you finance a used car?” Our finance team at Welborn Chevrolet of Rome will explain all of the pertinent details.

How Long Can You Finance a Used Car From Welborn Chevrolet of Rome

Most used car loan terms range from 60 to 72 months. You can choose your terms based on your interest rate to get the most affordable option for you. Shorter-term loans have higher monthly payments but lower interest, while longer-term loans offer higher interest rates but lower monthly payments. This is just a general rule when trying to find out how long you can finance a used car.

How Long Can You Finance a Used Car at Maximum?

There are no official limits to the length of your used car loan term. It changes from lender to lender. Some auto lenders may even have policies that don’t allow buyers to finance used vehicles that have more than 100,000 miles on the odometer or that are more than seven years old. 

Don’t worry, though! Our finance team has relationships with local lenders with a wide range of lending options. We will do our best to find an auto loan that is right for you in Rockmart. 

How Long Can I Finance a Used Car: Short-Term Pros & Cons

Even if you have options for a long or short-term used car loan, consider a shorter length for your loan if you can pay a higher amount each month. You can save money in the long run when you pay less for interest. 

Short-Term Loan Pros

• Less Interest: Interest is added to your monthly payment each month. If you’re paying your loan for less time, you’ll pay less in interest over the course of a shorter loan term than a longer loan term. More of your monthly payment will go towards the principal of the loan. 
• Faster Pay-Off: You can enjoy the benefits of ownership—like having no monthly car payment at all—with a shorter loan term. You can pay off the loan more quickly, which can help you get back on track to put your money towards other things.
• Easier Refinancing: It’s easier to refinance your car loan if you have a short loan term since you’ll have spent less time with negative equity. You could get some great auto financing deals with refinancing a shorter-term auto loan.

Short-Term Loan Cons

• Higher Monthly Payment: You’ll make a higher monthly payment each month because the amount of the loan is split into a shorter time. Look over our monthly payment calculator to see what loan payments you can afford.

How Long Can I Finance a Used Car: Long-Term Pros & Cons

A longer loan term comes with benefits like a lower monthly payment. A possible drawback is paying more overall interest.

Long-Term Loan Pros 

• Lower Monthly Payment: With a longer loan term, you’re spreading the total cost of your vehicle over more months. Therefore, you’ll have smaller monthly payments.

Long-Term Loan Cons

• Higher Interest: The longer the loan term, the more interest accrues by the end due to a higher interest rate.
• Vehicle Depreciation: All vehicles lose value over time. A longer-term auto loan means your used vehicle will have less value at the end of your loan if you plan on selling your vehicle or trading it in.

Learn More About Used Car Financing at Welborn Chevrolet of Rome

We answered, “How long can I finance a used car?” Contact us or call (706) 622-9605 to schedule a test drive or to talk to our finance team about how long you can get a used car loan. We’re happy to help in any way we can.