Seven-year car loans turn ownership into a long-term debt trap
TL;DR Summary
About 41% of car trade-ins roll over debt into new seven-year loans, extending payments and leaving buyers underwater; rising car costs are pushing households to stretch loan terms, making auto ownership increasingly unaffordable.
- Column | Why you may just be renting your car even if you have a loan The Washington Post
- Why 84-month car loans are surging and what it means for buyers USA Today
- Underwater car trade-ins are on the rise — and drivers owe a record amount, Edmunds finds CNBC
- New car payments soar to $1,000 a month. Here's how Long Islanders can save money. Newsday
- Some Drivers Are Rolling $15K In Debt Into Their Next Car Without Realizing Carscoops
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