Length of loan is the amount of time you’ll be required to make payments on the loan. This is a crucial piece of information. Paying $150 per month for 36 months is very different from paying $150 per month for 84 months. Don’t let the term “months” confuse you. Why do you think financial institutions prefer to use months? For most large purchases, we’re talking about years here, so do yourself and your pocketbook a favor and do the math.