Understanding Auto Loan Terms in Okanagan

May 25,2022

If you are looking to finance a car purchase, you must understand your loan term options. A shorter term means that your loan will be paid off sooner but with higher monthly payments, while a longer term can be more affordable, although you run the risk of owing more on the car than it is worth. This situation is known as being upside down on a deal. There is a lot to consider when selecting a loan term. That's why at Skaha Ford in BC, we aim to simplify the vehicle financing process with Easy Deal. Not only do we offer convenient online automotive shopping, but flexible loan terms to connect our customers with an affordable ownership experience. Generally speaking, loan terms can be anywhere from 24 months up to 96 months (or eight years) in length. When choosing a term, you need to look at your financial situation and budget and find the balance that allows you to pay the loan back without overpaying in interest charged. An excellent place to start is a loan with a 60-month (or five-year) term.  Want to see how much you may qualify for your next auto loan? Check out our Easy Deal program, which offers free online credit approvals to simplify your car buying experience. Contact our team at Skaha Ford in BC to learn more!