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Should You Get a Longer Car Loan?

  • Oxcel Finance
  • May 18, 2022

In Australia, most people will take out a car loan with a loan term of around 2???3 years. However, it???s possible to get longer terms of up to seven years, and in some cases, even longer.

The main advantage of a longer loan term is that you???ll have lower ongoing monthly repayments. The downside is that you???ll likely end up paying more in interest on the longer-term loan.

If you???re unsure of the right loan term, it???s worth weighing up both the short- and long-term costs, and speak with a finance broker to find the right solution for your personal situation.

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