<prompt> Human: Would it be smarter to have a 72 month auto loan with a minimum monthly payment of 600 and 5 APR or a 60 month loan with monthly payment of 700 and 3 APR? Wouldnt it be smarter to get the longer term loan with smaller minimum payments and then just put more money towards it when I can? A friend said that it was smarter to just get a longer term loan with smaller minimum payments so that if you lose your job then you wouldnt be on the hook for the higher minimum payments. He said to just put more than the minimum towards it each month to negate the higher interest rate. Is this true?  <response>: The most awesome thing when I lost my job was that my car payment was 0.00month. 