Car loans come in different shapes and sizes. Most loans for vehicles last for around 60 months or less. Your car loan payment will be dependent on what the lender calculates based on your credit score and earnings. To have a lower monthly payment you will need to extend your term. The longer the term, the lower your car loan payment will be each month. On the opposite side, the shorter your loan term, the higher your car loan payment will be.
If you have the financial ability to pay more on your car loan, then be sure to speak with your lender (or salesperson) to ensure that your payment is properly processed for your higher payment.
Let your dealership’s salesperson know your car goals, this includes any additional features and the price range you are looking to pay. This information and relationship can help you get the vehicle you need or want off the lot and, in your driveway, quickly and effortlessly.
