How Long Can You Finance a Used Car?

Are you looking for a pre-owned vehicle in Lakeland? If so, you might be wondering, “How long can you finance a used car?” Trust us, at Buick Lakeland we often get that question from plenty of Auburndale and Sebring drivers. Depending on your budget, financing a used car in Lakeland might be your best option. On average, the length of a used car auto loan is 60 to 72 months. As one of the Lakeland used car dealers, our finance team at Buick Lakeland is here to help you learn more about financing a used car down below.

Financing a Used Car in Lakeland

How long can you finance a used car? When it comes to the length of a used car loan, most Lakeland used car dealers do not set firm limits. Some Auburndale lenders will set strict restrictions on the length of auto loans. Before financing a used car in Lakeland, be sure to ask about the restrictions on pre-owned vehicle financing.

Pros & Cons of Short-Term Loans

Short-Term Auto Loan Pros:

• Faster Pay-Off: Since the monthly payment is higher, your loan will be paid off faster.
• Low-Interest Expenses: Typically your interest rate is lower on shorter-term car loans.
• Refinancing: If you qualify, you can refinance an auto loan at a later time if interest rates decrease.

Short-Term Auto Loan Cons:

• Higher Monthly Payment: You’ll have higher monthly payments if the auto loan term is shorter. Used our monthly payment calculator to determine what is best for your Sebring budget.

Pros & Cons of Long-Term Loans

Long-Term Auto Loan Pros:

• More Affordable Monthly Payment: If the length of a used car auto loan is longer, than you’ll pay less money every month. You can choose to increase your payments to speed up the repayment process.

Long-Term Loan Cons:

• Higher Interest Rates: Longer auto loan terms result in higher interest rates which means you’ll pay more interest overtime.
• Vehicle Depreciation: As cars age overtime, they depreciate in value. The longer the loan length, the more time you have to build up negative equity.

Start Financing a Used car in Lakeland at Buick Lakeland!

Now that you’ve garnered your answer to, “How long can you finance a used car?” Contact us at Buick Lakeland near Sebring to start the finance process of a pre-owned vehicle. Use our value your trade-in tool to help determine how much your vehicle is worth.