1. Advantages: the monthly repayment amount is small, which can alleviate the economic pressure brought by car purchase and make it easier for car owners to repay loans. Compared with the higher monthly repayment amount, the smaller repayment amount can make the owner have more disposable income and maintain higher liquidity during the loan period. Car owners can have more cash for other investments or emergencies.
2. Disadvantages: it will generate higher interest expenses. Due to the extension of loan time, car owners need to pay more interest expenses, which increases the cost of car purchase.