The thing is though, afaik there isn't really any penalty for repaying the loan early. Like I have a 72mo on my car, although I expect it to be resolved long before then. I was originally going to do a 60mo but the finance guy was basically like, the longer loan gives you way more financial flexibility with very little downside.. so yeah.
Depends on the type of Auto Loan you get, if you have good credit then that is largely true, but there are auto loans that "Add On" the full interest at the start of the loan, so there is no prepayment advantage, rarer but still around are also loans that front load the interest, meaning 100% of your payments are paying the interest first until the full interest is paid off, only then do you start to pay the principle
>> the longer loan gives you way more financial flexibility with very little downside.. so yeah.
Yea if there is no prepayment mentalities, it make sense to get the longest loan you can as long as they are not massively increasing the rate with length. never know when something else in your life (job loss, medical, etc) may make it necessary to have that lower payment.
