How Long Can You Finance a Used Car?

Mechanic Inspecting Damage To Car with Estimate Paperwork

Used cars present a cheaper alternative to car buying for Republic drivers who are seeking a quality car that fits within their budget. You’re able to finance a used car without any issues – but you might find yourself asking, “How long can I finance a used car?” Read on to discover how long you can finance a used car with Corwin Chrysler Dodge Jeep Ram FIAT® of Springfield. Then, be sure to take advantage of our certified pre-owned vehicle specials in Springfield!

How Long Can I Finance a Used Car in Springfield?

So, how long can you finance a used car in Nixa? The usual car loan term lasts from 60 to 72 months – or five to six years. There is technically no official limit to how many years you can finance a used car, but lenders will often set restrictions. These restrictions on how long you can finance a used car generally tend to be 100,000 miles or the equivalent of more than seven years of ownership. 

How to Finance a Used Car: Short Term or Long Term? 

When debating how long you can finance a used car, you might want to consider a shorter loan length. If you’re able to pay the amount within your budget, you’ll reap significant benefits in the long run. Here are pros and cons of both types of loans:

Short-Term Loan 

  • Pros: Because interest is added to your monthly payment each month, you’ll pay less interest in the course of a short term loan. That will also give you easier access to the benefits of ownership. Refinancing will also be an easier option since you’ll have less negative equity. 
  • Cons: Your overall monthly payment will be higher since you’ll have fewer payments. You can utilize our payment calculator tool to see what fits your budget! 

Long-Term Loan 

  • Pros: The inverse of the short-term loan, you’ll get to spread the overall cost over a longer period of time, with smaller amounts.
  • Cons: You will yield higher interest with a long-term loan. Your vehicle’s value will also depreciate over the course of a longer loan term. 

Finance Your Next Car near Ozark!

“Should I buy or lease a car?” Let this question be a thing of the past when you trust the friendly and helpful team at Corwin Chrysler Dodge Jeep Ram FIAT® of Springfield. Begin the application process with our financial team and decide the appropriate loan length for your budget today. 


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Corwin Chrysler Dodge Jeep Ram FIAT® of Springfield 37.238930, -93.228080.