It used to be a lot more difficult to get a vehicle in this country than it is today. Dealerships needed to sell cars, but they wanted to make sure that the person they sold it to could pay them back in a timely fashion. Today, dealerships are a lot more flexible.

Loan terms on auto leases have been increasing. This means that borrowers are extended out the length of the purchase over a longer period of time. It may at first appear that this is a wise decision since they will then have more time to pay back the money borrowed. However, the 72 and 84-month loans that are generated these days mean a lot more interest is paid than what used to.

Always pay back your auto loans as quickly as humanly possible in order to avoid some of the fees and interest that comes along with carrying around an auto loan for a long period of time.

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