How Long Can You Finance a Used Car?

Tiny car with coins and finance paperwork

Not everyone can afford to buy a used car in full, which is why Belleair drivers are often asking us about financing for used cars. But, how long can you finance a used car? Many drivers often ask us, “How long can I finance a used car?” The answer truthfully depends on your needs.



However, you’ll find that the average loan term length is around 60 to 72 months. With that being said, different financing institutions near St. Petersburg may offer longer or shorter loan term limits. The experts at Lexus of Clearwater are here to help answer these questions that you might have and more with this helpful guide. Once you’ve found out the answers you seek, then don’t hesitate to apply for financing online!

How Long Can I Finance a Used Car? – Short-Term Loans

Now we’ve answered your question, “How long can I finance a used car?” You may be wondering about different loan term lengths and which option is right for your needs. Short-term loans aren’t right for everyone but they offer some advantages that could make them a good choice. Here are the advantages and disadvantages of short-term auto loans:


  • Lower Interest Rates: Lower interest rates mean you’ll be paying less interest over time, saving you money in the long run.
  • Future Financial Freedom: With a shorter loan term, you won’t have to worry about paying for a vehicle for a long amount of time, resulting in more financial freedom in the future.
  • Refinancing Options: It’s typically easier to refinance with a short-term loan because your vehicle hasn’t depreciated much, making it a sound investment for a financial institution to refinance your loan.


  • Increased Monthly Payment: At the end of the day, the numbers speak for themselves, and a short-term car loan often results in a higher monthly payment.

How Long Can I Finance a Used Car? – Long-Term Loans

On the flip side of short-term car loans, you can often opt for a long-term car loan as well. Long-term car loans essentially allow you to spread out the monthly payments over a longer period of time. There are advantages and disadvantages to long-term car loans so make sure you do your research. Let’s take a look at the advantages and disadvantages of long-term auto loans:


  • Lower Monthly Payment: Since the loan amount is spread out over a longer period of time, you can often enjoy lower monthly car payments with a long-term car loan.


  • More Interest Over Time: When you compare a long-term and short-term car loan with the same interest rate, you’ll find that you’ll eventually be paying more over time with a long-term car loan because of the accrued interest.
  • Negative Equity: Vehicles depreciate over time and the longer you own a car, the more likely you are to experience depreciation. That means there’s a higher chance you’ll experience negative equity because your vehicle has depreciated lower than the amount of money you owe on your auto loan.

Start the Financing Process Today with Lexus of Clearwater!

There’s no right or wrong choice when you’re looking at short and long-term auto loans, but if you need help deciding which option is right for you, feel free to make the short drive to our dealership near Palm Harbor today. Contact us with any questions that you still have, and we’ll help you get behind the wheel of a vehicle that works best for you.


More from Lexus of Clearwater

  • 2024 Lexus RX MPG

    If you’re thinking about getting behind the wheel of a new Lexus but are unsure where to start, we’ve got you covered. The 2024 Lexus RX is one of our most popular vehicles and for good reason. It offers generous interior dimensions so you can easily get comfortable on the Belleair roads while also delivering…

  • 2024 Lexus RX 350 Towing Capacity

    When you’re ready to add some excitement to your Belleair travels, the 2024 Lexus RX won’t let you down. It features incredible performance and outstanding comfort to ensure you’ll always have something to look forward to when you’re behind the wheel. With that being said, how much can a Lexus RX 350 tow? The Lexus…

  • 2024 Lexus RX 350 Colors

      In the realm of luxury SUVs, the 2024 Lexus RX 350 stands out not just for its unparalleled performance and comfort but also for its mesmerizing array of colors. At Lexus of Clearwater, we understand that the color of your vehicle is an extension of your personal Belleair style and sophistication. That’s why we’re excited to…

Lexus of Clearwater 28.022675, -82.738037.