How Long Can You Get a Car Loan For?

Nowadays, there are so many different ways to finance your vehicle. With numerous auto lenders on the market, getting an auto loan has become easier than ever. However, the question remains, how long can you get a car loan for?

There are several things that you should consider when financing a new vehicle. For example, you should think about your monthly income and how much you can afford to spend. You should also take into account your credit score, interest rate, and the repayment term of the auto loan.

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Written by: Pig Daddy

What are Your Car Loan Term Options?


In order to determine how long you can get a car loan for, you should first take a look at the two basic auto loan terms that you can choose from.


Short Term Car Loans

Short-term car loans are generally a better option for first time car buyers. This type of auto loan has a maturity date of up to 1 year and boasts a lower interest rate. However, you will have to pay a higher monthly payment than with a long-term car loan. If you have a solid and stable source of income, this type of car loan will save you a lot of money as you’ll be able to pay off your loan faster. This is also, especially, great if you want to resell your car, considering how quickly cars depreciate.


Long Term Car Loans

With a long-term car loan, you will have the option to spread out your payments over a longer period of time, allowing you to make fewer monthly payments. This type of car loan is more manageable on your budget and gives you more funds to handle other financial needs. But since you will be paying more interest, you will have to be more careful with your spending.

Generally speaking, car loan terms in Canada can range from 12 months up to 96 months, but most financial experts recommend taking a car loan with an average repayment term of 60 months to 72 months at most, if possible. 


Companies That Offer Car Loans in Canada


Below is a list of some of the most popular car loan providers in Canada.


Auto Loan Providers

Auto Loan Providers is an online auto dealership that helps car enthusiasts choose from thousands of vehicles and organize auto financing for them. They offer auto loans ranging from $7,500 up to $65,000 with a payment term between 12 months to 96 months. The interest rate ranges from 2.95% to 29.5%.



Auto Arriba

Auto Arriba is another car financing company in Canada that offers car loans for as low as $3,500 up to $100,000 with interest rates between 8.99% to 29.5%. Their payment terms range from 6 months to 84 months. 

Most auto loan providers have a car loan calculator available on their website to help you determine the right loan amount, interest rate, and repayment term. It is best to take advantage of this tool to make sure you choose the best loan for your needs. 

Frequently asked questions

‍Which car loan type should you get?

This will depend on your current financial situation. A short-term car loan will definitely save you a lot of money in the long run. However, if your financial situation is unstable and you do not have a solid source of income, you may want to consider taking out a long-term car loan.

What are the implications of getting a short or long car term loan?

Both short and long-term car loans have their financial implications. While shorter car loan terms are less expensive, a longer car loan term makes monthly payments more affordable.

What other alternative options do you have if you cannot afford both short and long-term car loans?

If you cannot afford both short and long-term car loans, there are a few other options you can consider to lower your monthly payments. Those are:

  • Leasing
  • Buying a less expensive car
  • Buying a used car



To sum it up, the best way to finance your vehicle is to consider all the available options and choose the one that will work best for your financial situation. Do your research, shop around, and make sure you understand all the terms and conditions before making a final decision. Don’t bite more than you can chew, and make sure you don’t put yourself in a financial bind.

Pig Daddy

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