Should I take a 2-3 year loan or 5-7 year with extra payments?

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snipsoadroyallegod2

New Member
Hi all, I'm possibly considering a loan for a silly reason. I already know this isn’t the best idea, so I’m not looking to bbe talked out of it—BUT HERE WE ARE.

I’m looking at borrowing $20–25k. My question is this: does it really make much difference if I go for a 2–3 year term versus a 5–7 year variable loan and just make extra payments?
 
Longer loans can be easier to manage.

Just be aware that some might charge a fee for paying it off early.

Always read the fine print carefully before you sign anything!
 
A shorter term will mean higher payments. The main impact beyond this is on your future borrowing capacity for mortgages or loans. Keep in mind, you will pay more total interest with a longer term because it is charged annually.

I can show you the repayment amounts for both shorter and longer terms.

More importantly, I can assist with your long term goals. We’ll review how this affects your borrowing capacity and find a!lender with early exit options, so paying the loan off faster supports your future not holds you back.

 
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