In reply to Ian F:
It's also quite a bit easier to retrieve a car than foreclose on a home.
In reply to Ian F:
It's also quite a bit easier to retrieve a car than foreclose on a home.
alfadriver wrote:volvoclearinghouse wrote: I do recall hearing somewhere that new car loans were averaging (there's that awful word again) around 6 years. Hence that number.The problem with the assumption that all loans are 6 years means that all the loans 6 years ago were for 6 years. As well as for 5, 4, and 3 years ago. Just because someone claims that all loans in 2016 are 6 year loans does not mean that all loans out there from 2010 to 2016 are 6 year loans.
I just heard an advertisement touting 84 month loans on new cars. They didn't state the name of the dealer enough for it to be memorable, Kia maybe, but they were shouting 84 months as many times as they could in 60 seconds.
Ooof. I felt bad about financing the TSX for 48 months, but the interest was minimal.
Toyman01 wrote:alfadriver wrote:I just heard an advertisement touting 84 month loans on new cars. They didn't state the name of the dealer enough for it to be memorable, Kia maybe, but they were shouting 84 months as many times as they could in 60 seconds.volvoclearinghouse wrote: I do recall hearing somewhere that new car loans were averaging (there's that awful word again) around 6 years. Hence that number.The problem with the assumption that all loans are 6 years means that all the loans 6 years ago were for 6 years. As well as for 5, 4, and 3 years ago. Just because someone claims that all loans in 2016 are 6 year loans does not mean that all loans out there from 2010 to 2016 are 6 year loans.
If you need to finance a Kia for 7 years, perhaps you should be reconsidering your purchase. Unless you're getting 0.9% or some crazy good deal like that that essentially makes the use of the money "free"
volvoclearinghouse wrote: It also relates to the much higher % of dual-income households now vs 50 years ago.
And how income is reported. I imagine pensions used to be more common than they are now. (?)
volvoclearinghouse wrote: If you need to finance a Kia for 7 years, perhaps you should be reconsidering your purchase.
Meh, sounds like a 7-year lease to me. I'm pretty sure that at 84 months and 84,000 miles, there's enough value in your Kia to use as a down payment on your next 8-year loan :)
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