I went to my credit union yesterday to get a preapproval for an auto loan because I'm thinking about buying a slightly used car. I was thinking I was going to get a 48 month loan but they told me with my credit and the amount I plan on putting down I'll get a 6.99% interest rate on a 48 or 60 month loan and there's no early payment penalty. Would it make sense to just get the 60 month and make my payments as if I got the 48 month just to give myself the flexibility to pay less if for some reason my financial situation changes? I don't anticipate my situation changing and the payments on the 48 month aren't a stretch at all so I want to make sure there isn't a downside I'm not seeing to taking the 60 month and just paying it off faster
original posted by Careless-Internet-63 to r/personalfinance on Wed, 06 Mar 2024 13:59:52 GMT.