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What’s promising and bad news in the car-buying front. The very good news is that the US economy has enhanced to the level where credit is a lot more easily available than it had been a couple of years ago, so men and women have an easier time funding automobiles. The bad news is the fact that terms of their automotive loans are increasing considerably.
Every month for four or five years if you’ve ever financed a car, you know what a pain it is to make payments on the loan. Exactly what about seven years, or eight? That is what numerous purchasers are deciding on recently, based on the Wall Street Journal:
The common price of a car that is new now $31,000, up $3,000 in past times four years. But in the time that is same the typical month-to-month vehicle payment edged down, to $460 from $465—the consequence of longer loan terms and reduced interest levels.
The longest ever, according to Experian Information Solutions Inc. (more…)