Long-Term Car Loans Becoming More Popular

July 13, 2013 3:00 AM
Long-Term Car Loans Becoming More Popular
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" BOSTON (CBS) – Buying a new car can be a significant burden on the family budget. That’s why more people are taking on longer term loans to keep their monthly payments low. Longer loans do have a downside, so it’s a decision to weigh carefully.

Veronica Viveros is in the market for a new car and will soon have new demands on her monthly budget. “I am expecting and we do have a lot of bills,” she said. She wants to keep her payments under $350 a month.

If she’s looking at a $23,000 car and wants to keep her payments under $350, she’ll have to look at a 72-month loan. That means her new baby will be six years old and going into first grade by the time she pays off that car "

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