4 ms·
Car loans now go out to 72-84 months. People do not care about the total cost of the vehicle, they care about being able to afford monthly payments. A 50k vehi
by SamuelAdams 3y ago
Car loans now go out to 72-84 months. People do not care about the total cost of the vehicle, they care about being able to afford monthly payments.
A 50k vehicle with 10k down at 3% interest for 84 months is $538 a month.
At 8% interest it is $623 a month.
So even with high interest rates, people afford these vehicles by dragging out the loan term to 5-7 years.
- frumper 3y agohttps://www.lendingtree.com/auto/car-balloon-payment/ https://www.lendingtree.com/auto/car-balloon-payment/ Lots of fun creative loans now. I’m not shopping for a car, have excellent credit and I see auto loan ads offering 12-14% interest. The balloon payment ones are just crazy though.
- deleted 3y ago[deleted]