How Long Can You Finance a Used Car?

2021 Buick Envision Parked Outside Home

If you’re searching for a quality used car near Minneapolis, you may be wondering, “How long can I finance a used car?” The answer is that it depends on a few factors, but on average, the auto loan term for a used car is somewhere between 60 and 72 months, and it keeps going up as car prices increase. The length of your auto loan will also depend on how much you can afford to pay per month.



Still, there are few restrictions on how long you can finance a car which is why the experts at White Bear Lake Superstore are here to help with this handy guide. See how much you can expect to pay per month with White Bear Lake Superstore’s payment calculator, or reach out to our finance department with any questions you still have.

Financing a Used Car

While there’s no set limit on a used car loan, lenders often place their own limits on the length of a loan term. For example, many banks limit used car loans to seven years and more than 100,000 miles. Some banks around %target_city_2%% have a policy against financing vehicles over seven years old and over 100,000 miles on their odometers. 

If you’d like a gently used model, you can find a low mileage used vehicle from our lot. Be sure to discuss with your preferred lender about restrictions they may impose on financing a used car in the %target_city_3%% area. 

Pros & Cons of Short-Term Loans

Short-Term Loan Pros:

  • Low-Interest Expenses: In the long run, you’ll pay less interest on a shorter-term auto loan. 
  • Faster Pay-Off: Your higher monthly payment will help you repay the loan faster. 
  • Refinancing: If you desire (and qualify), you can always refinance your loan later.

Short-Term Loan Cons: 

  • Higher Monthly Payment: The shorter the loan term, the higher the monthly payment. Make sure a higher monthly payment works with your Twin Cities budget and won’t strain your finances. 

Pros & Cons of Long-Term Loans

Long-Term Loan Pros: 

  • More Affordable Monthly Payment: When you choose to go with a longer-term auto loan, you’ll get to pay less every month than you would with a short-term loan. Plus, you can always pay higher payments to repay your loan faster.

Long-Term Loan Cons: 

  • Higher Interest: Long-term auto loans have higher interest rates, and the longer the loan term, the more interest you’ll pay in the long run in Twin Cities. 
  • Vehicle Depreciation: Cars depreciate over time, but depreciation rates slow down on most cars as they age. So, the longer the loan length, the more risk you have of getting into a negative equity situation, which is when a car’s value is less than the balance remaining. 

Finance Your Next Used Car With White Bear Lake Superstore! 

Discover our used selection today and find your favorite model if you haven’t already! Then, get in touch with our finance experts and they will be able to help you apply for financing online from the comfort of your own home. You’ll be able to enjoy all the benefits of a used car for less at White Bear Lake Superstore.


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3880 Hwy 61 N 3900 Hwy 61 N, White Bear Lake, MN, 55110
White Bear Lake Superstore 45.05818, -93.02725.