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

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[quote=Anonymous][quote=Anonymous][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]

People with bad credit pay higher rates because they have to compensate the lender for additional non-payment risk. Payday loans are predatory lending. Paying 9% instead of 3%isnt.[/quote]

Yeah, this.  The notion that someone who is a bad credit risk should get the same rate as someone who is a good credit risk is really misplaced.  There may be an unavoidable, tragic reason someone has bad credit, or they may just be irresponsible - but the credit score doesn't make that kind of distinction.  And interest rates reflect credit ratings.

Also, while there is an element of systemic unfairness in this (and yes, sometimes predatory lending or other unscrupulous behavior), people are, in many cases, financial idiots.  If you have terrible credit, and are paying $40,000 for a car, you're an idiot, regardless of others behavior.  If you're paying $40,000 for a used care with 50,000 miles on it, and have bad credit, you should let someone else take over your finances.  [/quote]

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