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Cars are lasting longer on average than they used to, so stretching a loan from 48-60 months to 72-84 months seems completely reasonable to me. (This assumes a
by bkjelden 9y ago
Cars are lasting longer on average than they used to, so stretching a loan from 48-60 months to 72-84 months seems completely reasonable to me.
(This assumes a good interest rate. The 10-20%+ APR loans are a disaster at any length).
- deleted 9y ago[deleted]
- sxates 9y agoYou are stuck with it for that whole term though. You'll be upside down on it immediately, and your loan principal won't catch up to the residual value of the car for 5-6 years with a loan that long. That means you can't easily trade it in for another one, and any kind of financial hardship is more likely to result in repossession.