If you take a 10 year personal loan unsecured, for example, that is a long time to have the burden of owing someone.
However, you can use the stretched repayment plan to your advantage.
If you have a bad credit while getting the loan, you can have your ratings revised and improved as you progressively repay the loan.
Can you get a 10 year loan?
If you choose a 10-year fixed mortgage, your monthly payment will be the same every month for 10 years. When rates are low and you can afford the much higher monthly payment, a 10-year fixed mortgage allows you to pay off your mortgage in only 10 years, build equity at a faster rate and save thousands in interest.
Photo in the article by “Obama White House Archives”