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

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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.
[/quote]

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 [b]would much rather[/b] 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]

Sometimes the comments on this site are beyond idiotic.  People with bad credit would actually much rather get a loan for a reasonable rate.  They cannot.  This is what is known in the real world as "predatory lending," not a personal preference.[/quote]

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