05/17/2021
WE DON'T SELL ANYTHING!
WE HELP YOU BUY EVERYTHING!
LONG CAR LOANS:
Over the last 10 years, as vehicle prices rose, dealers pushed buyers into signing up for lengthier auto loan terms to reduce their monthly payments. Right now, the average new car buyer is financing about $34,000 and taking out a loan of 68 months, according to Bankrate.com. And up to 84 months for some.
Taking out a lengthy auto loan produces several pitfalls, more than just paying more interest
1. Being upside down is a problem if you get tired of the vehicle and want to trade it in, or if it gets stolen, or totaled, in an accident, you may have to come up with money at the insurance settlement.
2.Dealers are happy to roll over their customers’ debt into new loans but you now have a loan that’s more than that new vehicle is actually worth.”And usually, when you try to roll the loan over the second time it gets rejected because you are so far over the value of the vehicle that the finance company wouldn't break even with repossession. Bankruptcy is the alternative.
So in conclusion, purchasing a vehicle new or used is a lot more complicated now than in the past. why not call 301-350-7200 for a consultation and once completed let us assist in the purchase, finance, and/ or trade-in of your next vehicle.