Choosing a longer term can lower your monthly payment, but it usually increases total interest paid over the life of the loan. The right balance depends on your budget and goals.
Short terms
Higher monthly payment, less total interest, faster debt freedom.
Long terms
Lower monthly payment, more total interest, slower payoff.
Finding the balance
Pick the shortest term you can comfortably afford. Use a calculator to compare two terms side by side.
FAQ
This article is for educational purposes only and does not constitute financial, legal, or credit advice. Loan approval, rates, and terms are determined by participating lenders and are subject to eligibility, underwriting, and applicable law. Not all applicants will qualify.