How long can you finance a new car?

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When you're financing a new car, the payment plan is structured to last through a certain amount of time. Here's why that matters.

This is part of a series breaking down all the terms you need to know if you're buying a new or used car from a dealership. Check out the rest of the series at our Car Buyer's Glossary.

How long can you finance a new car? A payment plan for a loan can range from short to long, as the customer largely has the say in the length of the loan. The most common loan term is 72 months, but even longer loans are becoming common. For example, 84-month loans are being offered more often these days as vehicle prices go up. These loans offer smaller monthly payments, which are attractive to many shoppers, and usually require smaller down payments.

Can I trade in a financed car? Yes, when you finance a car, you're paying to own it, so once you've reached the end of the term, you own the car and can trade it in for whatever else you might want. Or you can keep driving it as long as you'd like. There are no mileage limits, of course, but it's not strictly yours until the loan is paid off and you get the title.

Longer loans tend to be costlier in the long run since you'll be paying more in interest. Those interest rates also tend to be higher. A shorter loan will mean a higher down payment and larger monthly payments, but will cost less in the long run.

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