How Long Can Jeep® Financing Last?

The Jeep® financing process can be a bit difficult to navigate, so make sure you have an expert in your corner to help you figure it out. Our team here at Prestige Chrysler Dodge Jeep RAM is here to help. To start, let’s talk about how long you can finance a Jeep vehicle.

How Long Is a Financing Term Limit?

A financing term limit is typically between 12 and 96 months. However, your financing term limit can either be lengthened by refinancing or shortened by paying your vehicle off earlier.

What Is Refinancing?

Refinancing is the process of having your old loan paid off with a new loan in a new finance term limit. Let’s say you have two years left on your financing term, but the monthly payments are a bit steep for you. By refinancing your loan, that old loan is essentially paid off, and you will now pay off a new loan over a longer period of time.

How Long Should My Financing Term Limit Be?

Typically, when you have a longer term limit, your monthly payments are lower, but your interest rate is a bit higher.

For example, a let’s say you have two options for a financing term limit. The first is a two-year term limit where payments are $450 a month. The second is a five-year term limit where you pay $200 a month. While the second option sounds more attractive with the smaller monthly payments, the two-year financial term costs $10,800 altogether while the five-year financial term costs $12,000 altogether.

When it comes time to finance a Jeep vehicle, make sure you know all of the options that you have. Speak with a financing expert like the ones here at Prestige Chrysler Dodge Jeep RAM to get the facts and build the right plan for you