Can I Pay for a Car in 60 Installments?

[Tyrone]

You can pay for a car in 60 installments. Here is the relevant information: Installment Period: The maximum installment period for car purchases is five years. Generally, the available installment terms are 6, 12, 24, 36, 48, and 60 months, with 60 months being the longest. One installment period equals one month, so 60 months is equivalent to 5 years. However, the most common term is 3 years, while 5-year terms are less common. This mainly depends on personal preference, and currently, most people prefer a 3-year installment plan for car purchases. Payment Methods: For installment car purchases, you can opt for credit card installment payments, which are more cost-effective compared to bank auto loans or financing through automotive financial companies. Typically, credit card installment payments require no collateral, charge no interest, and only involve a handling fee. Additionally, when purchasing or renewing insurance for a new car bought through credit card installments, there are no mandatory requirements. Generally, you only need to purchase major insurance types and theft insurance.

[Ivy]

I bought my car with a loan two years ago, and I compared installment plans at three different dealerships. Nowadays, most auto loans can indeed be spread over 60 months, but you should be aware that the interest can accumulate significantly. I ultimately chose a 36-month plan because the manufacturer's interest subsidy offer was more attractive. My advice is to bring your ID card and bank statements directly to the dealership and consult their financial specialist—they can calculate your monthly payment on the spot. Make sure to clarify these details: whether there are any hidden fees like service charges or GPS installation fees, and the penalty rate for early repayment. Don’t be fooled by low monthly payments—it’s more reliable to compare the total repayment amount over five years with the price difference if you paid in full.

[GrahamRose]

From a financial perspective, a 60-month car purchase plan requires careful evaluation of three key risk points: The five-year loan interest rate is typically about 1.5 times that of ordinary consumer loans, which can result in the vehicle's actual payment premium exceeding 15% of the car price; The mismatch between the vehicle depreciation curve and the repayment period may lead to negative equity in the later stages; Stable income must be maintained continuously for 60 months during the repayment period. It is recommended to calculate that the household debt ratio should not exceed 35%, and conduct a financial stress test after comparing the monthly payment differences for different terms. My neighbor last year had his car repossessed and lost the down payment due to job changes leading to payment default, a lesson worth being vigilant about.

[VonMadison]

Fresh graduates opting for installment plans get the best deal! My cousin works as a salesperson at a new energy vehicle dealership and mentioned that most models under 200,000 RMB now offer 60-month interest-free financing. Last month, he helped a customer apply for a BYD Seal with a 15% down payment spread over five years, resulting in monthly payments just over 2,000 RMB. However, be aware of these restrictions: interest-free offers usually apply only to specific models, require one year of local social security contributions, and bank statements must show income covering twice the monthly payment. Their store has encountered cases where customers were denied loans due to online lending records on their credit reports, so it's advised to avoid applying for online loans three months before seeking car financing.