[Sasquachulator]

Originally Posted by Dadhawk

Not that it's a good thing, but in the US the average car loan is now almost 70 months. If that's the average, there are a lot of car loans out there for 72 to 84 months.

Yup and these are going to be the same people who cant afford to pay the bills when prices and interest rates go up because they stretched themselves so thin and are up to their eyeballs in debt.

I think about all the time how someone with modest income is able to afford these super expensive items and its partially because of these ridiculously long loans. You price a car up here in Canada that costs like 60,000 dollars and monthly payments for 5 years is over 1k a month, lease drops it down like to like 800 dollars, then you play with the down payment numbers and you find you need like 15000 to get that payment down to like 300-400 dollars a month. Stretch that loan to like 7-8 years and things look much more affordable. Obviously numbers are made up but you get the idea.