High Car Prices Push Buyers Toward Seven-Year Loans and $1,000+ Payments
TL;DR Summary
Surging car prices have led buyers to opt for longer auto loans, such as seven or even eight years, to manage monthly payments, despite the increased total interest paid and potential financial downsides. Shorter loans are now mostly used by wealthier buyers, while leasing remains an alternative. Lenders are also pushing for even longer terms, risking repeat of past financial pitfalls.
- Cars Are So Expensive That Buyers Need Seven-Year Loans Bloomberg.com
- Car payments topping $1,000? Here’s how to avoid getting stuck with one WDTV 5
- Texas Leads The Nation In $1,000+ Car Payments Laredo Morning Times
- Nearly 20% of American car buyers have a monthly car loan payment of over $1,000 MotorBiscuit
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