At first glance, a loan with a long repayment term can look attractive. With lower monthly repayments, it seems easier to buy a more expensive car, bike, caravan or boat. It’s also easy to think that in a few years’ time, your income will have gone up, and you’ll be able to pay the loan off early. That's why many buyers take out loans that are longer than 5 years, believing it will be easier to cope with the rising cost of new vehicles. On a month by month basis, the expenditure certainly looks more manageable, but if this is your thinking, we recommend thinking again. A closer look at the figures will reveal that you won't get more for your money under a longer term loan. In fact, you may get even less, because a greater percentage of the total cost will be interest added to the premium repayments. Here are some reasons why the loan of over 5 years isn't as good as it first looks.