Should You Get a Longer Car Loan?
Oxcel Finance
18 May 2022 08:37 PM AEDT
In Australia, most people will take out a car loan with a loan term of around 2–3 years. However, it’s possible to get longer terms of up to seven years, and in some cases, even longer.
The main advantage of a longer loan term is that you’ll have lower ongoing monthly repayments. The downside is that you’ll likely end up paying more in interest on the longer-term loan.
If you’re unsure of the right loan term, it’s worth weighing up both the short- and long-term costs, and speak with a finance broker to find the right solution for your personal situation.
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