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If you’re in the market for a new car, you may be interested in financing your purchase. Here at MileOne Autogroup, we offer excellent financing for our customers. To learn more about the details of an auto loan in MD, get in touch with us! 

When it comes to loans, one of the most commonly asked questions is about loan terms. We’re here to break down your options.  

Loan Term Lengths

For a long time, you basically had two options: three years and five years. However, longer loan terms have been on the rise in the past several years. According to Car and Driver, the average loan term length in 2019 was 69 months for new cars and 65 months for used vehicles.  

Today, the majority of car loans are available in 12-month increments. These increments can last anywhere between two and eight years. Overall, the most common loan terms are 24, 36, 48, 60, 72, and 84 months.  

Why Choose a Longer Loan Term? 

Now that we know about your options regarding loan terms, let’s cover why drivers are opting for longer terms. One factor for many drivers is that longer loans typically come with smaller monthly payments.  

However, there are some trade-offs. When you have a longer loan, you do make more payments over time. Additionally, you could end up paying higher interest in the long run. 

Learn More Today 

Here at MileOne Autogroup, we’re committed to helping you get the car you deserve with terms that work for you. Whether you’re looking for a short loan or a longer one, we’re here to help you get on the road with terms that work for you.  

Categories: Finance