Hi there! That’s a really interesting question – choosing a loan term can definitely be tricky. You are not wrong about the trade-offs: on the one hand shorter term equals bigger monthly payments but in the end it is less costly in terms of interest paid. At the same time, longer term brings an advantage of smaller more affordable monthly payments but at a faster pace increases the amount of interest to be paid, over the course of the loan. To make a precise decision, you’d probably want to take a look at the https://comparecarloans.ai/ site. They offer clear advice on how to optimize loan terms with one’s budget, as well as other useful scenarios depending on the finances in question. It’s a useful site in that it breaks down what you would actually pay in the long run and may help you in determining what would best meet your needs.
