72-Month Audi Financing Pros and Cons

When it comes to Audi financing, there is no single correct choice that works for every driver. For some drivers, 72-month Audi financing is going to be a better choice than a shorter loan term, but this won’t be the case for everybody. Here at Audi Silver Spring, our finance professionals are here to help you select the right loan term for your budgetary needs.

When to Consider a 72-Month Loan Term

Spreading the amount financed across a 72-month period rather than a shorter one can produce a lower monthly payment, even if the principal and interest rates are the same. For some borrowers, that can make monthly expenses easier to manage while preserving room in their budget for other vehicular expenses, like insurance, maintenance, and OEM parts. A longer loan term might also appeal to somebody who plans to keep their Audi car for many years. Rather than automatically choosing the shortest term available, you can compare several options and see how each one affects your overall budget.

What Are the Trade-offs?

One downside of a longer loan term is that more time to repay a loan generally means that there is more time for interest to accumulate. This can result in a higher overall borrowing cost, which depends on the APR and other details of your loan. It’s also important to consider depreciation. Because your loan principal will take longer to pay off, there may be a point in time when you owe more than the vehicle’s current value. This is known as being underwater, and it becomes relevant if you decide to sell your car before you have finished making payments.

Find the Right Audi Financing Plan in Silver Spring, MD

Working through the Audi financing process is easy when you have an expert at your side. The experienced finance professionals at Audi Silver Spring can help you determine what loan length is right for your needs. Visit us today to see the latest Audi models!