How Long Can You Finance a Used Car?

2020 Chevrolet Colorado Rear


If you’re planning to apply for a used car loan near Lawrenceville, at some point you will likely ask, “How long can I finance a used car?” The average auto loan term is 60 to 72 months. However, the average loan payoff time is expected to increase along with new and used car prices in Duluth. Auto loan terms are generally pretty flexible and are based on how large of a payment you can afford each month. If you still have questions about how long you can finance a used car, you can learn more from our finance team in the guide below

Is There a Maximum Limit On Loan Terms?

No; Suwanee and Johns Creek drivers can generally get as long of a loan term as needed to pay off their car. With that said, you may still be limited by other restrictions depending on where you get a loan. For example, some banks only allow buyers to finance used vehicles that are less than seven years old with less than 100,000 miles. When you’re shopping around with lenders, be sure to ask about such restrictions.

Knowing that you can typically choose as short or as long of a loan term as you like, which is the smarter choice for your budget? Compare the pros and cons of short-term and long-term loans below to learn more!

Short-Term Loans: Advantages and Disadvantages


  • Less Interest Paid: You’ll pay off your vehicle faster with a short-term loan, meaning you’ll pay less interest.
  • Take Ownership Faster: Until your car is completely paid off, it’s technically owned by the lender. The faster you pay off your car, the faster you can become the true owner.
  • Refinancing: If you want to refinance for a better rate in the future, it’s easier to accomplish on a short-term loan because it’s less likely that you’ll be upside down (owing more than the car is worth).


  • Higher Monthly Payment: Higher monthly payments are associated with short-term loans, so you will want to be sure you can afford to pay that higher amount each month.

Long-Term Loans: Advantages & Disadvantages


  • Lower Monthly Payment: Long-term loans allow you to take on a lower monthly payment. This can be a significant advantage if you have a tight monthly budget.


  • More Interest Paid: Long-term loans are usually associated with higher interest rates. Plus, you’ll be paying more interest overall since it will take longer to pay off the loan balance.
  • Negative Equity: The potential for losing the equity in a vehicle increases significantly on long-term loans. The longer it takes to pay off the car, the more value it loses. Eventually, you could end up owing more than the car is worth, which is known as negative equity.

Get Help with Used Vehicle Financing at Rick Hendrick Chevrolet Duluth

So, how long can you finance a used car? The choice is yours to make, but it’s helpful to have a team of experienced professionals on your side. That’s exactly what you’ll get at Rick Hendrick Chevrolet Duluth! Our finance team will help you select the best financing plan and loan term for your needs. You can apply for pre-approval to get started today and contact us with any questions.

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$849.00 Dealer Administrative Charge included in advertised price.

Advertised prices EXCLUDE options added by the dealer and displayed on the vehicle’s window sticker addendum. Please contact dealer for additional details.

All prices exclude all taxes, tag, title, registration fees and government fees. Out of state buyers are responsible for all taxes and government fees and title/registration fees in the state where the vehicle will be registered. All prices include all manufacturer to dealer incentives, which the dealer retains unless otherwise specifically provided. Dealer not responsible for errors and omissions; all offers subject to change without notice; please confirm listings with dealer. All vehicles may not be physically located at this dealership but may be available for delivery through this location. Transportation charges may apply. Please contact the dealership for more specific information. All vehicles are subject to prior sale..

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*APR and cash allowance vary by model. Length of contract limited. Must finance with GM Financial. Some customers may not qualify. Not available with lease and some other offers. Take new retail delivery by 7/5/22.

*APR and cash allowance vary by model. Length of contract limited. Must finance with GM Financial. Some customers may not qualify. Not available with lease and some other offers. Take new retail delivery by 7/5/22.

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