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Loan Term -The loan term is the number of months it will take to pay off the loan if you are only paying the due amount each month. Loan terms range from 36-80 months with most people taking 60-month (5-year) loans. Terms shorter than that can yield very high payments and terms longer than 5 years require a strong credit history. 

36 Months = 3 Years

48 Months = 4 Years

60 Months = 5 Years

72 Months  = 6 Years


Budget- Budgeting your payment amount is crucial to successfully paying off your loan and improving your credit. Most consultants recommend spending less than 10% of your monthly income on a car payment and less than 20% overall on vehicle expenses (gas, insurance, maintenance.). For example, if you make $2500 per month you should aim for a payment of $250/mo or less. The average car payment in Ohio is $335 for used vehicles and $535 for new vehicles. 

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