Loans Gone Bad
Experian credit rating agency reports that in the first quarter, loan terms for new vehicles rose to 66 months and the average loan term on a used car grew to almost 61 months. The average monthly payment for a new car was $474 a month. What does all this mean? By the time the loan is paid off the owner would have paid three times what the car was worth. Always remember, if you can't afford the monthly payments on a 48-month term loan term the car is too expensive.
