Comment on Consider the financial implications of lengthy auto loans

"The way I justified it is, in five or six years, when I'm making more money, I can make extra payments toward that and pay it off sooner," said Flores, a buyer at an engineering company. Car buyers are increasingly taking on loans with lengthier payoff terms to cope with rising prices or to make SUVs, crossovers and other pricier models more affordable. Low interest rates, longer manufacturer warranties and the increased durability of newer cars can help blunt the potential risks of a loan that may not be paid off for six or seven years. People are hanging on to their cars for longer periods, with the average length of ownership at about eight years, said Melinda Zabritski, Experian's senior director of automotive finance. "When you agree to finance for that period of time it makes a car seem more affordable than it would otherwise might be," said Philip Reed, senior consumer advice editor at Edmunds.com. Depreciation also could mean taking on added costs for owners who decide to sell the car in those first few years. Another is to buy insurance, known as gap insurance, which covers the difference in the value of the vehicle and what's owed on the loan in the event of an accident.