On average, auto loans keep getting longer and longer in Tempe. So, just how long can you finance a used car? The typical length of any auto loan is 60 to 72 months, with used car loans clocking in around 60 months, according to Experian. But, that may or may not be the right time frame for you. Auto financing is flexible, and Rocky's Auto Credit is here to help. Let’s find out more about the factors that go into auto loan term length.
Experts have been predicting that auto loans will get longer since 2017, and this immediately proved to be true. Just one year later, over 60% of used auto loans fell within the 60- to 84-month range. That translates into 5 to 7 years of monthly car payments, which is quite a lengthy time to commit for most Glendale drivers.
There is no official maximum time frame for a used auto loan, but there are some considerations to keep in mind. For example, some institutions choose not to finance vehicles over 7 years old with over 100,000 miles. So if your vehicle is a 5-year-old model in Phoenix, you might find lenders are less likely to finance your car for a 60-month period. However, every lender is different. It’s worth asking for your lender’s car financing guidelines to see how they will work with you.
Ultimately, there is no right and wrong way to finance your used car. You just need to weigh the pros and cons along with your financial situation to find the right solution for you. But, Rocky's Auto Credit is here to help. Contact us to learn more about your options with our finance department. Still not sure if a used car is right for you? Learn about the top four advantages of buying a used car today with our experts!
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