Car Loan Tip No. 91 Auto Loan Terms - Shorter IS Better
Do NOT give in to the temptation of low monthly payments if this means a long loan term. Some lenders even convince you to extend a loan period to as long as 10 years! Realize that by doing so, your interest payments sometimes equal or even exceed the loan value of the vehicle. Go ahead, calculate the interest ratio of the loan arrangement by dividing the total interest over the value of the vehicle. You’ll be surprised to find out that you’re interest payments ALONE amount to 50% to 80% of the actual car value.Written by: Anthony Recto Next Car Loan Tip
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