How Long Can I Finance a Used Car?

The longer your loan, the lower your monthly payments. So, how long can you finance a used car around Regina or Saskatoon? While there’s no firm limit on loan length, the average auto loan term for a pre-owned vehicle is 60 to 72 months. It’s important to find the right balance between budget and timing, and that’s where Titan Automotive comes in. Learn more in our guide below, then get in touch with us to discuss your used car financing options in detail.

What’s the Length Limit on Used Car Financing? 

As we mentioned previously, there’s no firm limit to loan length. However, that doesn’t mean that you can finance indefinitely. It’s important to ask your lender how long you can finance a used car because they might set their own specific limits. For example, many banks in Regina won’t provide loans to cars older than seven years or cars with high mileage. So, it’s very important to find a lender that matches your expectations.

Should I Choose a Long or Short Loan Term?

Here are some things to consider when choosing your loan length:

• Pros of Short-Term Loans: You can pay off a short-term loan quickly and free up funding for other goals. Short-term loans often qualify for lower interest rates, and refinancing is an option down the line.
• Cons of Short-Term Loans: Because your total payment is split into fewer months, your monthly payments will be higher. Check our payment calculator to ensure your payments fit your budget.
• Pros of Long-Term Loans: The longer your loan, the smaller your monthly payments. This can help make your next car more affordable.
• Cons of Long-Term Loans: The longer your loan, the greater your total interest accrued. Plus, your car will depreciate over time, which puts you at greater risk of negative equity.

Explore Your Financing Options Near Regina & Moose Jaw

How long can you finance a used car at Titan Automotive? We’re happy to go over your options and provide more car-buying tips, so please don’t hesitate to contact us. Our finance centre is here to assist you.