Is 60 months good for a car loan?

Higher interest rates are another reason to stick with a 60-month loan. The longer the term, the more interest you will pay on the loan, both in terms of the rate itself and the finance charges over time. Contrast that with a 72-month auto loan. The interest rate would be higher, which is common for longer loans.

Is a 60 month car loan too long?

a 60-month car loan. If you go into a short-term loan with zero money down, it is possible to owe more than the value of the vehicle, but it should not last very long. It helps to pay down the loan debt faster than the vehicle is depreciating—this can help you get more back for the vehicle should you choose to sell it.

What is a 60 month car loan?

The biggest advantage of 60-month car loans is that you have five years to pay them off. Because of this, your monthly payments will be much lower than if you have a three or four year loan. The benefit is that you can potentially buy a more expensive car since the payments won’t be astronomical.

What is a good APR rate for a car loan?

What is a good APR for a car loan with my credit score and desired vehicle? If you have excellent credit (750 or higher), the average auto loan rates are 5.07% for a new car and 5.32% for a used car. If you have good credit (700-749), the average auto loan rates are 6.02% for a new car and 6.27% for a used car.

What does 0% APR for 60 months mean?

What does 0 APR for 60 months mean? Zero APR means you pay 0% interest on your car loan. 60 months is the duration of the loan (and the total number of monthly payments).

Where can I get a 0% APR car loan?

Auto Loans Auto Refinance Auto Insurance Boat Loans RV Loans Motorcycle Loans Powersport Loans Resources Best Auto Loan Rates Pre-approved Car Loan How to Pay Off Car Loan Faster 0% APR Car Deals How to Get a Car Loan with No Credit History

How long can you get a car loan with no interest?

But not to worry, many car manufacturers are offering interest-free loans for up to 84 months. That means you’ll save up to $3,000 just by choosing one of these deals instead of the typical car loan. Let’s take a look at this month’s best 0% APR deals and how these loans work. What Does 0% APR Mean When Buying a Car? Is 0% APR Worth It?

What’s the interest rate on a 5 year used car loan?

Example: A 5-year, fixed-rate used car loan for $25,000 would have 60 monthly payments of $451 each, at an annual percentage rate (APR) of 3.14%. Refinance: Example: A 5-year, fixed-rate refinance loan for $23,000 would have 60 monthly payments of $421 each, at an annual percentage rate (APR) of 3.74%.