Similar Stories to Consider The Financial Implications Of Lengthy Auto Loans on Bing News

"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.

Topics:  flores   car   suvs   people   melinda zabritski   experian   philip reed   edmunds.com   depreciation   auto   loans   years   senior   longer   affordable   finance   insurance   
BING NEWS:
  • How to Cut Your Auto and Home Insurance Bills This Year
    If you have more than one vehicle available, consider dropping your auto policy’s rental coverage, which provides you with a car to drive if yours is in the shop for a lengthy repair. Instead, drive ...
    05/30/2024 - 1:00 pm | View Link
  • Best Debt Settlement and Debt Management Companies: A Comprehensive Guide
    Explore our in-depth guide on the best debt management programs available in 2024 to learn how these programs can help you consolidate debt, and lower interest rates.
    05/30/2024 - 4:37 am | View Link
  • Email Innovator Superhuman Says Its AI Search Is Twice as Fast as Gmail's
    Superhuman says it can beat Gmail in a race--of AI tools.
    05/28/2024 - 9:38 am | View Link
  • Buy now, pay later companies must adhere to credit card standards, consumer agency says
    The Consumer Financial Protection Bureau says in a new rule that buy now, pay later lenders are basically credit card providers and must provide the same protections and rights that apply to those ...
    05/23/2024 - 3:31 am | View Link
  • United States Steel’s Board of Directors "Corrects the Record" on Transaction with Nippon Steel
    The Board of Directors of U. S. Steel (NYSE: X) today published a letter in response to the "long-running misinformation campaign" regarding the pending all-cash transaction with Nippon Steel ...
    05/21/2024 - 2:47 am | View Link
  • More

 

Welcome to Wopular!

Welcome to Wopular

Wopular is an online newspaper rack, giving you a summary view of the top headlines from the top news sites.

Senh Duong (Founder)
Wopular, MWB, RottenTomatoes

Subscribe to Wopular's RSS Fan Wopular on Facebook Follow Wopular on Twitter Follow Wopular on Google Plus

MoviesWithButter : Our Sister Site

More Business News