EXPERTS ADVISE TAKING A DETOUR FROM LONG-TERM

EXPERTS ADVISE TAKING A DETOUR FROM LONG-TERM

Americans take almost two years longer to pay off car loans than they did 30 years ago -- a trend that has helped to bury many of us in debt.

Lured in by the prospect of lower monthly payments, many buyers have chosen to extend the length of their loans. This has cost them two ways: first, by encouraging the purchase of more expensive vehicles, and secondly, by increasing the amount of money (through interest) they'll pay long term.

The result is more debt, or in some cases, even owing more on the loan than the car is actually worth -- a condition known as being "upside down."

Instead of looking at lowering your monthly payments through extended loan length, experts say, pay as much as you can afford to up front. Also consider buying a more affordable vehicle. You'll be better off in the long run.

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Comments

[Van Leasing]

I visited this blog first time and found it very interesting and informative.. Keep up the good work thanks..

[Rynax]

I agree with you.
Better buy affordable car for long time usage.
Thanks for the info

[tyre changers]

Sometimes we thought extending the time in paying the car loan will help us more but in fact,not really.The longer the payment is the higher interest you pay.Compare the calculation.