A new LendingTree study finds Americans with auto loans longer than six years pay nearly 82% more in interest. That's about $6,000 extra over the life of the loan.
The study says more than a third of borrowers now have those longer-term loans.
Focus on the total loan cost, not just the monthly payment. A lower payment stretched over more years could cost you much more in interest.
Shop different finance options before you sign. Compare rates from banks, credit unions and dealers and if you already have a high-rate loan.
Check whether refinancing could lower your costs.
Long loan terms may make a car seem affordable now, but they could drive up what you pay later.