How Long Can You Finance a Used Car?

If you’re in the St. Paul market and are interested in purchasing a new-to-you vehicles but still discovering your payment options, you might be asking yourself, “How long can I finance a used car?” Most used car loan payments will range from 60 to 72 months. At Land Rover Richfield, we’ll help you find a used car that meets your Richfield driving needs. If you’re ready to get started, read on to answer “How long can you finance a used car?” and other questions!

How Long Can I Finance a Used Car?

How long can you finance a used car at a maximum loan term? Well, there are no specific limits, but many Minneapolis lenders have their own unique set of restrictions. Some might not allow buyers to finance a used vehicle with more than 100,000 miles on the odometer or if the Land Rover is older than seven years. 

So, what is the answer the question, “How long can you finance a used car?” There is no set amount of time you can finance a used car. Our finance team has several long standing relationships with lenders in Richfield all the way to Edina, so we’ll be here to find the right one!

Short Used Car Loan Term: Pros & Cons

There are pros and cons to car loan terms. We recommend using our monthly payment calculator and valuing your trade-in to see how else you can save as well as find out your financial comfort level.

Pros 

• Less Interest: You’ll pay less in interest overall if the loan is shorter.
• Faster Pay-Off: You can pay your loan off sooner and be debt free! 

Cons

• Higher Monthly Payment: Your monthly payment will be higher since you’re paying the loan off in a shorter amount of time. Learn how to trade in a vehicle to see if you can put any value towards your new car price.

Long Used Car Loan Term: Pros & Cons

For long term used car loans, it comes with a lower monthly payment but more interest paid over time. 

Pros 

• Lower Monthly Payment: Your monthly payment will be smaller.

Cons

• Higher Interest: More interest is accrued over time. 
• Vehicle Depreciation: You will have lost more value on the vehicle because you’ve had the loan longer.

Explore Used Car Financing at Land Rover Richfield

Now that we’ve been able to give you the answer to, “How long can I finance a used car?”, don’t hesitate to contact us. Then, apply for financing to speed up the buying process even further!