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Contributed by mm | September 11, 2006 10:36 AM PST
It is just astonishing that over a half of new cars are financed with a loan over five years. Probably we should face the reality: if you cannot afford a car, extending the length of your loan will not help (and it will only drag you to a rathole in the long run).
From Bankrate:
Think that car payment would be a little more affordable if you could just spread those payments over another year or two?
If you do, you're not alone. Eighty-nine percent of new car buyers are financing their vehicles for more than four years, and 55 percent select loans that extend more than five years, according to a 2006 study commissioned by the Consumer Bankers Association and conducted by BenchMark Consulting International.
...
With used cars, 82 percent of buyers finance for more than four years, and 40 percent opt for payments to run more than five years, according to the study.
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Avoid (or Correct) Upside-Down Bad Car Loans (September 11, 2006)
Don't get upside-down in your auto loan in the first place. But if you are already in such a situation, you can still do a few things to pull yourself out. Read Bankrate's 9-tips on avoiding and fixing such bad car loans.
8-Year Car Loan? (September 11, 2006)
7-year or 84-month auto loan is already a rarity, but smart people in car dealerships and banks are now inventing 8-year or 96-month auto loans. Surely, it is not a good idea to commit your payment for the next 8 years while your new set ...
Cut Your Car's Financing Costs (September 11, 2006)
Some good advice from SmartMoney on first-time car owners. Actually, unless you have very poor credit that you cannot get a loan elsewhere, it is almost never a good idea to get financing from the dealership.
Different Types of Car Financing (September 10, 2006)
Do you know there are more than one way to finance your new set of wheels? Check out the options so you don't have to stick to expensive auto loans.
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