The duration of repayment of a car loan cannot go beyond 72 months depending on the financial organizations, the maximum duration for a new car is generally 72 months (6 years) and for a used car 60 months ( 5 years).
When we talk about car credit, we often talk about the consumer loan allocated to the purchase of a new or used vehicle, not to be confused with a personal loan which can also be used to buy a car. The affected loan is a credit whose release of funds and the contract is intrinsically linked to the vehicle. The personal loan is a free loan, the sums of which are granted and released without supporting documents and without obligation relating to the purchase of a car.
Terms of a car loan repayment
In terms of repayment, it is possible to choose a duration between 12 months and 72 months for a car loan, this, therefore, corresponds to a minimum duration of 1 year and maximum of 6 years. Note that dealerships and other sellers of new vehicles offer reimbursement periods of up to 72 months, while this same period will be 60 months for a used vehicle. These durations are similar within banks and credit organizations. The choice of duration is based on the amount of the loan and the repayment capacity of the motorist. Note that some banks can exceptionally grant a loan over 84 months but this duration remains relatively uncommon on the market.
Can you get a long-term auto loan?
The legislation on consumer credit specifies that a loan is considered as such when its amount is less than 75,000 euros (minimum amount of 200 euros) and that the minimum duration is more than 3 months. There is, therefore, no maximum duration imposed in the consumer code contrary to what some sites or certain banking organizations may announce, it is quite simply the financial establishments that set their own ceilings in terms of repayment duration. A long-term car loan can, therefore, be considered but within the term, a limit imposed by the bank.
To find more easily a car loan over a long period, it is therefore strongly advised to turn to a car loan simulator, simply because this tool allows you to compare the car loan offers offered by banks and other credit institutions. , which makes it easier to obtain financing that meets their needs. The simulative approach does not require any commitment and above all be done free online.
The option of buying back car loans for a long period
When motorists already accumulate several monthly payments and want to buy a vehicle to be reimbursed over a long period, it may be advantageous to use credit consolidation since this operation offers repayment periods up to 144 months. Consequently, the motorist can redeem his loans and add the amount dedicated to the purchase of his car to repay a single monthly payment over a period of 144 months, or 12 years. It is obviously necessary to choose the duration according to its repayment capacities and according to its needs.