Hi! I'm taking up a 27K auto loan with interest rate of 1.99% APR for a 60 month term. I was wondering whether I should take a 60 month term to get the lower monthly payment so that I can pay more then the monthly payment and pay it off earlier. I was thinking of it because just in case if I can't make the extra payment one month, I can afford to pay the minimum payment. Isn't that a good option?
