ABC Houston reports that drivers are holding onto their new cars longer than ever—about six years. And that means many are looking for long-term car loans. Buying new wheels soon? Long-term car loans are out there to keep your monthly cost down. But is it a good thing in the long run?
A $350 monthly car payment can be enticing for many people, but it also could be very risky. Remember, interest rates on loans that go 72 months or longer will be higher. Be sure to figure out what you can afford before going to the car dealer.