Term length


In car finance, term length refers to the length of your contract or repayment period.

Typically, car finance terms are between 24-48 months, however Creditplus also provide 12 and 60-month contracts, subject to eligibility.


Choosing your term length

When applying for car finance, it’s important to consider your term length carefully.

Spreading your payments over a longer term is an effective way to keep your monthly costs low, but the total amount payable will be greater as you pay more interest.

With a shorter term length, the cost of interest is less as you’re repaying the loan over a shorter period, but your Monthly Payments are typically higher.

To decide the best term length for you, it’s important to consider how often you like to change your car.

If you prefer to upgrade your vehicle every 1-2 years, make sure your term length reflects this.


Can I adjust my term length during my contract?

If your circumstances change and you want to adjust your term length, you may be able to refinance over an extended period.

If you find yourself wanting to extend the term, pay the finance agreement off earlier, or adjust your monthly payments, it is best to contact your lender directly to discuss your options.


Discuss your options with an expert

At Creditplus, our friendly customer consultants will be happy to discuss your options, but choosing the term length that works best for you is entirely your decision.

To speak to a car finance expert, simply complete our quick and easy no-obligation Application Form.

Or, you can calculate your costs across different term lengths using our Car Finance Calculator.

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Check your eligibility today without affecting your credit score and receive an instant decision.

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