
What Does Term Length Affect?
The term length determines how many months you’ll be paying off your Nissan vehicle. Your specific term length affects both your monthly payments and interest payments.
Because you’ll spend less time paying the vehicle off, shorter-term lengths mean you’re paying more for the vehicle each month. However, assuming standard interest rates, you’ll pay less in interest during the length of the loan.
What’s Too High or Low?
Generally, you won’t be able to get term lengths lower than 24 months no matter your credit score. On this payment plan, your monthly rate will often be very high and may be out of reach.
Consequently, terms over 60 months significantly increase your interest payments over time. After 60 months, you may be paying more in interest than you would have saved on monthly payments.
What’s the Best Term Length?
We recommend pursuing a 48-month term for Nissan finance offers. This keeps your monthly payment low while also cutting down on unnecessary interest payments.
However, this rule is not set in stone. Our finance team can help you determine which finance term lengths are right for you. We’ll consider your current financial situation and how much you can pay in advance.
Discover Nissan Finance Terms at Hall Nissan Virginia Beach
If you need to know more about Nissan financing before signing, our dealership is here to help. Visit Hall Nissan Virginia Beach today to explore Nissan finance options and term lengths.