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News & Events

Robb in Newsweek: 72-mo auto loans last longer than owners want the car

“The general idea is that people – after about five years – do tend to want a new vehicle,” Cliff Robb told Newsweek. “And that’s what makes these loans so interesting. You’re putting yourself into a loan term that actually exceeds the typical ownership term.”

Most consumers, Robb added, go into the buying process thinking that they will drive a car until the wheels fall off. However, outside forces, like the marketing of newer cars or someone close to them buying a new car, often convince owners that they need to purchase a newer car earlier than originally anticipated.”

Source: Newsweek written by BY ON 12/29/21 AT 12:44 PM EST


Read the full article at: https://www.newsweek.com/todays-72-month-long-term-auto-loans-arent-spelling-economic-disaster-experts-say-1664082