The length of the mean car loan depends on the term of the loan. According to buyingadvise.com, 45 percent of Americans are financing cars for 5 years. This means that you would pay 60 payments during the mean car loan.
Furthermore, buyingadvise.com states that the mean American gets a new car every 5.5 years. Using these statistics to think this, most Americans only go without a car cost for 6 months each 6 years. The think that most people do this is to stretch out the loan making the monthly car payments lower.
How Much Interest Do I Pay On A Car Loan?
When buying a car, the car buyer should take into consideration the total number paid for the car versus the monthly payments alone. This could save a lot of money over the term of the loan.
You and the dealership you are working with determine the number of payments you make over the life of your loan. There are terms everywhere from 12 months to 84 months. It is a wise decision to do your homework before going to the dealership to buy your next car. The shorter your can loan the quicker you can pay off your car which will save you interest and give you more months without a car payment.
Fortunately, there are many websites out there that comprise calculators for you to form the inequity in the middle of a 36-month and a 60-month loan term. Go and Google "car loan calculator" and find a website with a calculator that will form your monthly payments for you. All you need to do is put in the numbers.
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