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Released: April 19, 2013
Car loans stretch out to 8 years, costing buyers more
Source: Herb Weisbaum, TODAY (MSNBC.com) (Free Registration)
Six- and seven-year loans are becoming an increasingly popular choice — and some lenders will even stretch out those payments eight years. These long-term loans allow buyers buy the vehicle they want with the monthly payments they can afford. But it also means they will pay more overall.
The average new car loan in the fourth quarter of 2012 was 65 months, according to Experian Information Solutions. That's a new record.
Read Full Article: Car loans stretch out to 8 years, costing buyers more
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