Reply to The 7-Year Car Loan: Watch Your Wallet

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]These should be outlawed. Especially since it states how common it is to roll your previous car loan into your new one! 7 years is too long for a car loan since many cars don't make it that long or are totaled before. [/quote]

If the car is totaled, the insurance pays out. Every car should last 7 years if maintenance is done regularly.
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Yeah every car should last 7 years. Btw, why is a 7 year car loan appealing? If that’s your option, just lease![/quote]

You need good credit to lease a car.  People with bad credit would much rather buy a used SUV with 50,000 miles on it for $40,000 over 8 years at 8.99% interest!   Seriously, people do this.[/quote]

This is what people don't understand about poverty.  A couple of bills you can't pay and your credit rating goes down. Because of that, loans like you mentioned are your only option. Granted, you can get a used Honda for $8000 rather than $40,000 SUV but still.  The less money you have, the more it costs to live. [/quote]

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