The average monthly car loan in America has continued to increase, extending the amount of debt taken on by many consumers. According to a Wall Street Journal article, The Seven-Year Auto Loan: America’s Middle Class Can’t Afford Its Cars “about a third of auto loans for new vehicles taken in the first half of 2019 had terms of longer than six years.” It’s a hidden concern that many Americans are facing right now. In this Money Hacks episode, I go through why this might be a problem and a few tips to consider before taking out your next car loan.
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