With Bentley financial services and support, you can focus on picking out the perfect luxury performance vehicle with confidence. At Fields Bentley Orlando, we’re sharing everything you need to know about the financing process, so you can take home the right model at the right price. Learn about loan terms and options with our experts.
Term Length
The term length refers to the number of months you have to repay your auto loan. Most loan term lengths are between 24 and 84 months long, but the average term length will typically be either 60 or 72 months, which means you have either five or six years to pay your loan back in full. The benefit of a shorter term length is that you’ll typically have a lower interest rate, since the risk is lower for the lender, and you’ll be able to pay your vehicle off more quickly, but your monthly payments will be higher. With a longer term length, you’ll have more time to pay your loan back, but the interest rate will be higher, and you may pay more in accrued interest over time.
Facts That Affect Term Length
Before beginning the financing process, it’s important to understand what factors determine the term lengths available to you. One of the most impactful factors is credit score. The higher your credit score, the more reliable you are to lend money to, meaning you’ll have longer to pay the loan back. You also want to account for down payment, as a down payment of the recommended 20% or higher will significantly lower your principal, meaning it won’t take as long to pay your loan back. When accounting for down payment, you also want to consider any trade-in vehicle value, as well.
Begin the Bentley Financing Process in Orlando, FL
The vehicle financing process doesn’t have to be overwhelming. At Fields Bentley Orlando, we provide tools, resources, and information to guide you along the way. Contact us today to get started.
