These Are the Car Brands With the Longest Loan Terms

By Douglas A. McIntyre Published Nov 9, 9:30AM EST

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These Are the Car Brands With the Longest Loan Terms — © courtesy of Tesla Inc.

Auto loans are a part of the car sales process and can be categorized by duration and loan rate. It is not unusual for a loan duration to reach 72 months (many people do not own a new car that long). Loan rates can be as low as zero.

One good example of long-term loans and low interest rates is Chevy’s current offer on its 2022 Trax small crossover. The offer is 0% financing for 72 months.

One reason car companies offer attractive loans is that they often own the firm that makes the loan. This is a way for the manufacturer to make more money. For example, Mercedes has a division called Mercedes-Benz Financial Services.

LendingTree looked a loan duration by state in its “Where Borrowers Are Taking Out the Longest Auto Loans” study. LendingTree points out that: “As the prices of new and used cars skyrocket, so, too, are average auto loan lengths. Since long-term auto loans can mean lower monthly costs, car buyers may favor or need the extra time to afford vehicle purchases.” They also cautioned that these loans can be expensive due to accrued interest.
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To make its determination, LendingTree looked at 29,000 auto loans closed between October 12, 2018, and October 12, 2021. It reviewed loans that were over 60 months and those with terms over 72 months on slightly different criteria. For 60 months or more, the metric was percentage of loan terms. For 72 months, the metric was the percentage of all loans that fell into the category. The universe was the 48 largest metros.

The same study looked at the car models with the longest loans. The brand with the longest loan duration is Tesla at 67.1 months. Here are the 20 car brands with the longest loan terms:

Tesla (67.1)
Ram (66.3)
Kia (64.8)
GMC (64.6)
Land Rover (64.3)
Nissan (64.0)
Cadillac (63.9)
Dodge (63.7)
Infiniti (63.6)
Chevrolet (63.5)
Jeep (63.4)
Mitsubishi (63.4)
Hyundai (63.1)
Ford (63.0)
Buick (62.4)
Porsche (62.4)
Jaguar (62.3)
Mercedes-Benz (62.3)
Volkswagen (62.3)
Acura (62.1)

Click here to see which are the most affordable cars in America.
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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.