To keep up with growing car prices, many borrowers turn to 7-year loans

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4 thoughts on “To keep up with growing car prices, many borrowers turn to 7-year loans

  1. I just cannot understand the current consumer. $50k purchases at 12% for 7 years for what? To try and impress people who don’t care? Vanity of Vanities. Buy a used car you can afford in cash or payoff in 12 months. $800-$1,100 monthly car payments are why you are broke and angry.

  2. “He still worries about scratches but decided the three-year lease was better than possibly being upside down on the loan.” – Leasing is hedging against depreciation. Hedging your bet you will be ahead of the “market value” in 24 or 36 months. It’s hardly better than buying with a loan. If you can’t pile up cash and light it on fire you shouldn’t be looking at new cars. End of day.

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