If you're looking for a smaller monthly car payment, now's your chance.
A recent Kelley Blue Book report found that lenders were more likely to approve loans with longer repayment terms (think 72+ months), along with higher down payments (13.4% of the loan's value, which is up slightly from 13.3% in December).
A long repayment term on a loan can mean lower monthly payments, which is a win if you need a car but also need to maintain some wiggle room in your monthly budget. It also means you're in debt longer and you ultimately pay more in interest.
Here's where to look if a long car loan appeals to you.
Offers in this section are from affiliate partners and selected based on a combination of engagement, product relevance, compensation, and consistent availability.
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Car loans with longer terms
If you're looking to get a car loan with a longer loan term (72+ months), we have a couple of lenders on our radar that offer just that.
Capital One Auto Finance offers loans from a traditional bank with terms that range from 24 to 84 months. Loan amounts from this lender start at $4,000 and there are no early payoff penalties.
- Lends to borrowers with bad credit
- No early payoff fees
- Prequalification available
- The Auto Navigator tool lets you get prequalified in minutes for financing for a new or used car (should be used before you go to a dealer)
- Only available for vehicles from participating dealers
- You must apply at the dealer to get the final loan terms
If you're looking for a loan from a credit union, PenFed Auto Loan offers terms from 36 to 84 months and qualified borrowers may apply for as much as $150,000. Just be aware that a PenFed membership is required to get the loan.
- Loan amounts start at $500
- No early payoff fees
- Prequalification available
- Cash incentives through car-buying service
- Co-borrowers allowed
- High satisfaction rating on J.D. Power's 2024 consumer lending study, indicating that this lender has strong customer service
- Credit union membership required
- Late payments subject to fees
Federally Insured by NCUA. To receive any advertised product from PenFed, you must first become a member of the PenFed Credit Union. Rates and offers current as of October 21, 2025, and are subject to change. Actual APR will be determined at the time of disbursement and will be based on application and credit information. Rates quoted assume excellent borrower credit history. Not all applicants will qualify for the lowest rate. Rate depends on term. New vehicles are where you are the original owner and the vehicle is a current 2024 model year or newer and has less than 7501 miles.
Prefer to shop online for a loan? Carvana helps you get pre-approvals that'll last up to 45 days after you fill out an application. Loan terms range from 36 to 72 months, and you can apply for as little as $1,000. You can even get a co-signer to improve your odds of getting favorable loan terms like a lower interest rate.
- Open to borrowers with bad credit
- No prepayoff penalty
- Prequalification available
- Allows co-signers
- Offers an online application experience, which is ideal if you don't want to have to go to the dealer yourself
- Preapproval offers are valid for up to 45 days
- Financing only available for cars sold through Carvana
- Not available in all states
How to get a car loan
There are a few ways you can go about getting a car loan: dealer financing, going through an online lender or applying through a traditional bank or credit union.
Dealer financing
Dealer financing is where the car dealer helps you get a loan for your purchase right there, on the spot. But instead of making repayments directly to the dealer, the dealer sells your loan to a lender and you repay that lender.
The upside? Dealer financing can be easy and convenient since you won't have to shop around for a loan yourself. And if you have less than ideal credit, it may even be easier to get approved for a loan because dealers work with so many lenders that are equipped to accommodate different credit profiles.
The downside? Interest rates may be higher because dealers mark up these rates in order to take a profit.
Online lenders
Online car loan lenders, as the name suggests, let you apply for a loan and get approved completely online, without ever setting foot in a bank or credit union. Some sites actually work with a network of different lenders and help you get matched to the right lender — from there, you can apply online and receive a quick decision.
You can often get lower interest rates with online lenders and the ability to compare offers from multiple lenders at the same time.
On the other hand, if you're someone who prefers that in-person attention, you won't get that from an online lender. You also may not be able to take advantage of any special promotions that dealers or manufacturers offer because you're financing through an online lender, not through the dealer.
Banks and credit unions
Financing through a bank or credit union is just like getting a loan for anything else through these traditional channels. Some people may feel more comfortable applying for a car loan at a bank they already have a relationship with.
Banks and credit unions may offer lower interest rates compared to dealers but slightly higher rates compared to online lenders because banks and credit unions have more overhead to cover.
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