While long term auto loans can look attractive due to the monthly rates included in these plans, this is not actually the best option for the majority of drivers.
Seattle, WA (PRWEB) September 29, 2013
In the auto market finance world, a growing number of auto buyers are choosing to go with auto loans that take as long as seven to eight years just to pay off. Few of these people, however, realize the danger in this choice. Complete Auto Loans has chosen to raise awareness of the dangers involved in this course of action in a recent article entitled “Are Long Term Car Loans Worth it?” Following is a brief summary of this article; or read the complete publication here: http://www.completeautoloans.com/long-term-car-loans/.
While long term auto loans can look attractive due to the monthly rates included in these plans, this is not actually the best option for the majority of drivers. A long term auto loan can translate into monthly payments for almost a decade. Many people do not even expect to be driving the same car for such a long period of time, but they still consider a long term loan. This means that an auto buyer could be making monthly payments even after upgrading vehicles.
But not only that, but consumers also spend significantly more money in the end with a long term loan. “For instance, if you look at 96 months (8 years) you see that the monthly rates hit $353,” the article says. “But the cost interest at the end is a stunning $6000 in addition to the cost of the vehicle. That’s a lot of extra money for a car that you might not be planning on driving at the end of all this. Much of these numbers are before even fuel, maintenance, and repair or insurance costs.” While long term loans give the appearance of cost-effectiveness, in reality they are a drain on the bank account. Consumers are finding the information and answers they need in this new Complete Auto Loans publication.
About Complete Auto Loans:
CAL provides bad credit auto loans online. Their unique finance platform can accept 100% of applicants, regardless of poor credit or even bankruptcy. By visiting their website, consumers are able to find the ideal loan for their personal financial situation, all through a quick and easy online process.
To apply for an auto loan, fill out their simple form at https://www.completeautoloans.com/apply-now2/.