For 5 years and 7 years, the difference is only about $100 plus per month. I will opt for 5 years loan tenure. But if $100 plus also is a amount for you then I suggest you might want to reconsider the choice of your car. Get a cheaper car that you can afford. For me I will not consider 9 years.

Taking out your savings for down payment is a big NO. Ask yourself how long it takes for your to save $20k? You want to spend it all for car purchase? What is something happen and you need the money after you purchase car? Don't touch the savings unless you have big amount and $20k is just a small portion from your savings.

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Added on February 19, 2012, 5:51 pmBy the way, get a car that suits yourself. I understand peer pressure that will effect your choice but at the end of the month you are the one that pay the loan not them.

Who don't want drive nice new car?

This post has been edited by 37867: Feb 19 2012, 05:51 PM