The pitfalls of taking out a really long car loan

Source: Herb Weisbaum, Consumers' Checkbook

Ask yourself: If I have a seven-year loan, and I decide to ditch the car after six years, for whatever reason, can I come up with enough money to pay off the balance? Many drivers can’t, but need or want a new ride; they often opt to roll the unpaid loan balances from their old cars into new loans, creating an ever-increasing cycle of debt.

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