How Long Can You Finance a Used Car?

If you’re searching for a quality used vehicle or a certified pre-owned Mitsubishi for sale in Bronx, we have many reliable and fuel-efficient models on our lot near Mount Vernon. Did you know that 80% of American car owners finance their vehicles? You’re probably wondering how long you can finance a used car, truck, or SUV. Learn more about financing a used car with the team at Victory Mitsubishi.

How Long Can I Finance a Used Car?

How long you can finance a used car ranges from 60 to 72 months. However, it will depend on the lender and what you can pay monthly when financing a used car. Fortunately, our finance team has long-standing relationships with lenders. So, when you apply for financing, we’ll go to bat to get you the best loan terms and interest rates. 

How Long Can You Finance a Used Car From Auto Lenders?

How long you can finance a used car from a car lot near New Rochelle depends on the lender because there is no set limit. We’ve seen some banks that limit financing a used car to seven years. Others won’t offer loans on a vehicle with more than 100,000 miles. Check with the lender, whether it’s your bank or credit union, or a specialized auto lender, for more details.

Pros & Cons of Short-Term Loans

There are pros and cons to how long you can finance a used car depending on your situation in Westchester.

Pros of Short-Term Auto Loans

• Faster Pay-Off: You’ll have a higher monthly payment, but your loan is paid off faster, saving you on overall interest paid. 
• Low-Interest Expenses: You’ll likely get a lower interest on a shorter-term car loan. 
• Refinancing: If you qualify, you can refinance your auto loan later if interest rates drop to get a lower monthly payment amount.

Cons of Short-Term Auto Loans 

• Higher Monthly Payment: The shorter the auto loan term, the higher your monthly payment will be. So, it’s important to know if you can afford your loan payment.

Pros & Cons of Long-Term Loans

When considering a longer-term loan, the pros and cons are flipped.

Pros of Long-Term Auto Loans 

• More Affordable Monthly Payment: You pay less monthly with a long-term loan. You can pay off the loan faster if you make extra payments. 

Cons of Long-Term Loans 

• Higher Interest Rates: Long-term auto loans offer higher interest rates because you are borrowing the money for a longer period of time. 
• Vehicle Depreciation: You might end up with the auto loan becoming worth more than the vehicle if you have a longer-term loan. If the car becomes undrivable at some point, you might still be paying down your loan.

Finance a Used Car With Victory Mitsubishi!

Ready to explore your options for financing a used car with us? Contact us online or call 347-708-8392 to talk to our team. You can also reduce what you’ll owe by trading in your current vehicle at our Bronx dealership. Explore our great selection of pre-owned vehicles around Mount Vernon at Victory Mitsubishi!