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Should You Get a Longer Car Loan?

Oxcel Finance
May 18, 2022

In Australia, most people will take out a car loan with a loan term of around 2–3 years. However, it’s possible to get longer terms of up to seven years, and in some cases, even longer.

The main advantage of a longer loan term is that you’ll have lower ongoing monthly repayments. The downside is that you’ll likely end up paying more in interest on the longer-term loan.

If you’re unsure of the right loan term, it’s worth weighing up both the short- and long-term costs, and speak with a finance broker to find the right solution for your personal situation.

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The content of this website is intended to be general information only and should not be construed as financial product advice. It does not take into account your specific investment objectives, financial circumstances, or needs. Before making any financial decisions, we recommend that you carefully consider whether the information is appropriate for your individual circumstances. Please be aware that interest rates may be subject to change without prior notice. OXCEL PTY LTD trading as Oxcel Finance, operates under the Australian Credit License (ACL) #547719, ABN : 58 622 168 316 & ACN : 622 168 316. Please rest assured that any information you provide to us is handled confidentially and securely. For further details regarding our privacy policy, you can find the relevant information on the legal page of this website.

Should You Get a Longer Car Loan?

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Can You Get a Car Loan if You’re Self-Employed?

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