March 10th, 2011 
Kathryn Evans 
There are a number of ways in which you can go about finding a car loan with a duration that suits you the best. Ideally however you will want to pick a car loan with the shortest duration possible since the longer the duration of the car loan the more you end up paying in terms of interest. Another bad thing about longer durations is that the longer they are the higher the chances are of you missing a payment which can then lead to more issues with your car loan.
Now for most people a duration of 3 5 years works best if the car you want to buy cannot be paid off in 5 years time chances are that you are purchasing a car you cant afford. You should always think about purchasing a car you can ideally pay off within a period of 3 years. The best way to find out which car works best based on your current financial standing is to use a car loan calculator.
Quite simply put a car loan calculator is a simple tool that can tell you exactly how much you will end up paying each month when you purchase a particular car. You just need to enter in the interest rate and the duration of the car loan. You will also notice that even though the amount you pay each month lowers as you increase the number of years or duration of the loan you are also ending up paying way more i.e. sometimes even double of what you will pay with a three year deal.
If you dont know what car you can afford take a closer look at your finances. Find out how much you can afford to pay each month and then find a car based on your findings of using a car loan calculator. This will save you both time and effort in the long run.
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Tags: Car Loan, Duration