There are two reasons shorter terms can save you money: Shorter terms will generally save you money overall, but have higher monthly payments. But a lot depends on the specifics – exactly how much lower the interest costs and how much higher the monthly payments could be depends on which loan terms you're looking at as well as the interest rate.
Loans with shorter terms usually have lower interest costs but higher monthly payments than loans with longer terms. Here is a list of our partners.In general, the longer your loan term, the more interest you will pay. Our partners cannot pay us to guarantee favorable reviews of their products or services. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. So how do we make money? Our partners compensate us.
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