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Is A Seven Year Car Loan A Good Idea?

When it comes to making smart money moves, our family has never been a big fan of buying a new car.   In fact, the last new car that we bought was back in 1993 when we really did the math on how much smarter it is to buy a used car that is somewhere between two to four years old versus getting a new one.   While getting a new car should be a well thought out planned purchase, it often falls into the camp of a spur of the moment purchase depending on when you get in the mood.    In a sound financial plan, you should begin to save for the (new) used car purchase the moment that you pay off the old purchase. Recently, an article came out which sent my financial sensors into outer space. Experian Automotive says that in the first quarter of 2014, 24.9% of all new-car loans were 73 to 84 months long.  Four years ...

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