It doesn't take a genius to realize that cars are expensive. Even the best deals on used cars can cost thousands of dollars, which means many people are left needing some help to make ends meet. Luckily, there are plenty of financing options for prospective drivers – as long as they aren't afraid of commitment. 

The need for longer loans
Many people are using long-term loans to pay for vehicles. These contracts frequently extend for 60 months or more, which allows borrowers to keep monthly payments low even if there's a high total sum. Although some may be concerned about being saddled with a loan for this extended period, more are willing to make this sacrifice in exchange for special features and upgrades available on certain models. 

"Consumers are demanding a lot more technology in their vehicles, infotainment technologies," Ed Kim, an analyst with AutoPacific, told NPR. "There's also a lot more safety features that are in vehicles right now. Emissions and efficiency technology that are in vehicles right now, that are making vehicles cost a lot more."

The thought of having a loan for years is daunting for some, but in today's economic landscape, many people view it as the norm. A spokesperson for Experian Automotive told NPR that these agreements often make sense for drivers on tight budgets and are specifically chosen for the benefits they provide. 

Understanding the basics
Cars.com noted that people tend to "payment shop" with car loans more than any other product. That means most drivers are willing to look around for the right deal and make some concessions to find the right balance of car quality and payments. However, anyone who wants to do this must come to terms with a few simple facts. 

For example, interest rates on long-term loans tend to be higher than those associated with shorter agreements. While the individual payments remain affordable, the total amount of interest paid will likely be greater. This fact turns some people off from longer loans, but for others, it's merely a necessary part of securing the perfect used car. 

The right facility makes all the difference
If there's still more you want to learn or if you're ready to commit to a vehicle, then you need to head to the right facility. Consider starting your journey at NJ State Auto Auction. Our lot contains hundreds of Carfax-certified used cars, trucks and vans that are just waiting for the right owner, and you can get behind the wheel quickly and easily with the help of an auto loan.

We even have an in-house financing department, which is composed of individuals ready and able to secure you the best possible loan. They can even answer any remaining questions you may have about long-term loans. With guaranteed credit approval and same-day processing, these experts will have you driving off the lot with your dream car in no time.