How Long Can I Finance a Used Car?

Tiny car with coins and finance paperwork

When it’s time to look for a new-to-you car around Lima, one of the first questions you might ask is “How long can you finance a used car?” The term for most auto loans for pre-owned cars is from 60 to 72 months. The length of your car loan also depends on how much you can afford for a monthly payment and how large your down payment is. Use our payment calculator to estimate your monthly payment and read on to learn more about how you can finance a used car at Exceptional Motorcar.

How Do I Finance a Used Car?

Financing a used car is a bit different from getting a loan for a new car. Some banks limit the length of the loan term for used cars and won’t finance cars or trucks with more than 100,000 miles on the odometer. Check with several Toledo lenders about restrictions on financing a pre-owned vehicle before you start looking.

Short-Term vs. Long-Term Auto Loans

So as far as the answer to how long can you finance a used car, it depends on how quickly you want to pay off the loan and how much interest you are willing to pay. Findlay drivers need to consider the pros and cons of short-term and long-term loans. 

Benefits of Short-Term Auto Loans:

  • Pay Off Quicker: Short-term loans have larger monthly payments, so the loan will be paid off faster.
  • Lower Interest Rates: Interest rates are often lower on short-term car loans. 
  • Easier Refinancing: If you qualify for refinancing, you can take advantage of lower interest rates if they drop later. 

Disadvantages of Short-Term Auto Loans: 

  • Higher Monthly Payment: Make sure you will be able to afford the higher monthly payment that comes with a short-term loan. You don’t want to strain your Findlay budget. 

Benefits of Long-Term Auto Loans: 

  • Smaller Monthly Payment: Longer-term auto loans come with smaller, more affordable monthly payments. If you want, you have the option to make a larger payment and pay off your loan more quickly.

Disadvantages of Long-Term Loans: 

  • Higher Interest Payments: Longer-term car loans carry higher interest rates, so the longer you need to pay on the loan, the more interest you’ll pay over the course of the loan.
  • Depreciation Over Time: The value of cars depreciates as they get older. This is dramatic in new cars, but depreciation rates are less for used cars because rates slow down as cars age. With a long-term loan, you may end up owing more for the car that it is worth. 

Get Used Car Financing with Exceptional Motorcar Today!

Now that you know more about how long you can finance a used car, contact us when it is time for your next vehicle purchase. Take a look at our inventory of exceptional used cars and then schedule a test drive!


More from Exceptional Motorcar

  • 2024 RAM 1500 Overall Dimensions

      2024 RAM 1500 Dimensions One of the best pickup trucks for any buyer in the Lima area is the Ram 1500, and a big reason why is because of the Ram 1500 dimensions. How wide is a Ram 1500? How wide is a Ram 1500? If you’re curious, keep reading–we’ll answer these questions and…

  • 2023 RAM 1500 Interior Dimensions

      When choosing a high-tech pickup truck for your drives around Lima, you can’t go wrong with the RAM 1500. It’s got a roomy interior, plenty of storage space in the bed, and the power and performance you need for even the tough jobs around town. But can this truck fit in your garage? Exceptional Motorcar…

  • Ford F-150 Towing Capacities

      Ford F-150 towing capacities have grown over the years, but they’ve always been far above and beyond what the vast majority of Lima and Toledo drivers would ever need or use. Late model Ford F-150 towing stats are nonetheless useful for seeing how capable your truck of choice is, especially if you have a…

Saved Vehicles

You don't have any saved vehicles!

Look for this Save icon

Once you've saved some vehicles, you can view them here at any time.


Your garage is empty.
Save some vehicles to get started!
Exceptional Motorcar 41.277167824718184, -84.42084013277636.