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How Long Can You Finance a Used Car?

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When it’s time to upgrade your everyday performance with a pre-owned vehicle, you may be wondering, “How long can I finance a used car?” There are many car-buying solutions for drivers looking to keep an eye on their budget. The average auto loan term for a pre-owned vehicle is 60 to 72 months, with smaller monthly payments coming from longer lease terms. The length of your auto loan depends on how much you can pay each month. Use our payment calculator to help estimate your monthly payments and learn more about financing a used car below. Then, browse our inventory of pre-owned vehicles at Maserati of Central Florida.

Restrictions on Financing a Used Car

How long you can finance a used car ultimately depends on the lenders. While there’s no set limit on term length, lenders tend to place their own restrictions on auto loan length. In some instances, banks limit auto loans to up to seven years and generally prevent loans on vehicles with more than 100,000 miles. Be sure to ask about restrictions on financing a used car and consider if the loan terms work for your needs. 

Pros and Cons of Short-Term and Long-Term Loans

When you’re considering loan terms for your used vehicle loan, there’s no right or wrong answer. How long you should finance a used car depends on what your budget can handle at the moment and what you can afford over the length of the term. Let’s explore the pros and cons of each term length:

Pros and Cons of Short-Term Loans

Pros of Short-Term Loans

  • Faster Pay-Off: If you’re looking to be free of car payments faster, short-term loans with a higher monthly payment allow you to repay the loan faster. 
  • Low-Interest Expenses: Lower interest rates are available with shorter-term loans. 
  • Refinancing: You may qualify for an interest rate drop with a refinanced auto loan. 

Cons of Short-Term Loans

  • Higher Monthly Payment: Be sure you can handle higher monthly payments. Consider your monthly expenses to make sure you can afford full and timely car payments.

Pros and Cons of Long-Term Loans

Pros of Long-Term Loan 

  • More Affordable Monthly Payment: Long-term payments give you more wiggle room in your budget. You pay less every month than if you had a short-term loan and you still have the option for higher payments to repay the loan faster.

Cons of Long-Term Loan 

  • Higher Interest Rates: The longer you have the auto loan, the more interstate you’ll pay overall. 
  • Vehicle Depreciation: All vehicles depreciate once they leave the lot. While depreciation slows down as the vehicle ages, longer-term lengths also bring the risk of negative equity. Negative equity is when the value of the vehicle is less than the balance you owe. 

Take Home a Luxury Pre-Owned Vehicle with Maserati of Central Florida!

Still wondering, “How long can I finance a used car?” Discuss your car buying options with the Maserati of Central Florida finance department. Used car financing allows Winter Park drivers to find a model that fits their style and budget. Get in touch with our team to set up a test drive today! 


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