Dec
30
72-Month Auto Loans? Just Say No
December 30, 2008 |
The latest 72 month auto loan instruments are a bad idea!
Why? One very important reason…
Given current interest rates at 6.5% for this loan…
You will be upside down in the loan for about three years.
What happens if you get in an accident in the next three years and the vehicle is totaled? The insurance payout on the car will not be enough and you will owe money!
AGAIN… We are entering an era of “live within your means.” This plan does not play into this new lifestyle. Stay away from 72-month loans.
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