While some Virginia drivers can afford to purchase a new Nissan car with cash or credit in hand, the majority need to take out a loan. While loans can certainly be intimidating for new car buyers, the friendly finance experts at Hall Nissan Virginia Beach will be patient and explain the ins and outs of the loan.
One of the most common questions regarding our car loans in Virginia is related to the term, or length of the loan.
How Long Does a Car Loan Last?
First, we should clarify what we mean by “loan term.” In financial-speak, “term” is another way of referring to the length of a loan, In the past, three-year and five-year loan terms were the norm, but that is changing. Longer loan terms are becoming more common, which is beneficial to people who would rather pay off their car with smaller payments that last longer.
Most car loans are available in 12-month increments, which last between two and eight years. If you have a shorter car loan, then it is likely that your down payment and monthly payments are going to be higher.
Additional Car Loan Advice
Whether you’re looking to get a loan on a Nissan Rogue or a different Nissan car, there are few other things you should know about loans.
- Down payment: Refers to the amount that you pay upfront for the car.
- Interest rate: Your interest rate will largely depend on your credit score. But even if you have poor credit or no credit, our finance representatives will do everything we can to get you behind the wheel.
If you have any more questions about car loan terms, do not hesitate to reach out to our finance professionals at Hall Nissan Virginia Beach.