Most Car Loans have a life span that ranges from 36 to 72 months. The timeframe for repayment of new cars ranges between 48 to 72 months while used cars range from 36 to 48 months. The timeframe was structured this way to ensure that the car will still be usable at the end of the term. There have been studies done that show how people stop making payments if the car is no longer usable. The lenders try to avoid that possibility by only approving loans for cars in good shape. Of course, the shorter the time it takes to repay the loan, the more money you’ll save in interest payments in the long run.