A 72-month auto loan isn’t always the best option. Compared to a 60-month loan, you’ll pay interest for another 12 months, which increases the overall cost of borrowing.

Per Federal Reserve data, the average 60-month new-car loan in 2024 had an 8.16% interest rate, but a longer 72-month new-car loan averaged out at 8.29%. Of course, longer loans lower your monthly ...

Most banks and credit unions provide payment plans ranging from 24 to 72 months, with shorter term loans generally carrying lower interest rates. The typical term length for auto loans is 63 months, ...

We’ve compiled a list of the best auto loan rates for new and used cars. ... Repayment terms for new car loans range from 12 to 96 months while used car loan terms range from 12 to 72 months.

There are drawbacks to consider with long-term auto loans, such as 72- and 84-month ... it’s the equivalent of saving more than $6,500 on an 84-month auto loan with a 5% interest rate. The ...

At the time of recording, he had a $19,042 loan for a 2016 Scion (now Toyota) iM, with an interest rate of 13.06% over a 72-month term. He took out this loan for his mom, who was trying to get a ...

The highest auto loan rate in 2024 was 8.58 percent for a four-year used car loan in the months of February and July. The lowest auto loan rate in 2024 was 7.41 percent for a four-year used car ...

However, the percentage of new car loans in the 61- to 72-month range rose from 38.45% to 40.78%, ... Borrowers with good credit are typically eligible for lower interest rates on auto loans.

Long loan terms, such as 60 or 72 months, give borrowers more time to default. That added risk means a higher rate than you might pay with a 36- or 48-month term. New vs. Used Vehicles ...