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How Long Can You Finance a Used Car?

Tiny car with coins and finance paperwork

Exploring Salt Lake City in search of a pre-owned vehicle and pondering the question, “How long can I finance a used car?” This is a common question by Salt Lake City drivers who want to prioritize their financial plan. Extending the loan term can lead to reduced monthly payments.



Generally, auto loans for pre-owned vehicles span from 60 to 72 months, a range that adapts to the ascending trend of auto costs. The duration of your auto loan hinges on your monthly budget, and our user-friendly payment calculator aids in projecting your monthly commitment. Discover further insights into used car financing with Prestman Auto to make well-informed decisions.

Financing a Used Car

How long can you finance a used car? While there’s no definitive limit on the length of a used car loan, some West Valley City lenders will enforce loan length restrictions. A few financial institutions limit used car loans to seven years and abstain from granting loans for vehicles exceeding 100,000 miles. To explore constraints on financing pre-owned vehicles, inquire with your prospective lender.

Pros & Cons of Short-Term Loans

Short-Term Auto Loan Pros:

  • Faster Loan Repayment: A higher monthly payment facilitates quicker loan repayment.
  • Lower Interest Costs: Shorter-term car loans generally entail lower interest expenses.
  • Refinancing Flexibility: If eligible, refinancing your auto loan later when interest rates decrease is feasible.

Short-Term Auto Loan Cons:

  • Elevated Monthly Payment: Opting for a shorter loan term results in a higher monthly payment. It’s important to ensure this heightened payment aligns with your West Jordan budget.

Pros & Cons of Long-Term Loans

Long-Term Auto Loan Pros:

  • More Affordable Monthly Payment: Longer-term loans entail smaller monthly payments than their short-term counterparts. It’s possible to accelerate repayment by making higher monthly payments.

Long-Term Loan Cons:

  • Higher Interest Rates: Extended loan terms often come with higher interest rates, leading to increased overall interest expenses.
  • Vehicle Depreciation Impact: As vehicles age, they undergo depreciation, and extended loan terms increase the risk of negative equity, where your car’s value is lower than the remaining balance.

Finance a Used Car With Prestman Auto Today!

Rely on Prestman Auto for all your auto needs now that you know the solution to the commonly asked question, “How long can I finance a used car?” We streamline used car financing with our straightforward online credit application. Our value your trade-in tool offers an estimated value of your current vehicle. Feel free to reach out for a test drive!


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