“Consider the total costs of financing the car, not just the monthly payment. It is important to compare different payment plans for both the monthly payment and total of payments required, for example, for a 48-month/4-year and a 60-month/5-year credit purchase. In general, longer contract lengths mean lower monthly payments, higher total finance charges, and higher overall costs. Be sure you will have enough income available to make the monthly payment throughout the life of the finance contract. You also will need to account for the cost of insurance, which may vary depending on the type of car you buy, and other factors.”

Source of Information:  https://www.consumer.ftc.gov/articles/0056-financing-or-leasing-car