As an example, letвЂ™s say the desired month-to-month payment is $400, but we spend $600. Can you still argue that i will be better-off getting a loan for 48 months (or similar), and being necessary to spend $600/month?
There’s nothing wrong with taking an auto loan for the period that is longest, like 72 months, in the event that rate of interest just isn’t notably unique of the attention rate for the smaller period. While you note, you can make a more substantial repayment every month.
For instance, if the attention price for a 48-60 thirty days loan is 2 %, simply take the 60 months.