They could find themselves owing more than the car is worth in the future. Edmunds analysts say these are consumers who are paying thousands of dollars toward interest compared with principle. Their average APR was between 8.5% and 9.6%. In the first, nearly 65% of those consumers signed up for an average loan-term range of 67 months and 84 months.Of the consumers who agreed to a $1,000 or more monthly payment, there are two groups, Edmunds said: The finding was that "not all four-figure auto loans look the same." Still, paying that much for a new car is not a good idea for long-term finances, personal finance experts said. That compares with the year-earlier quarter of $40,602.Įdmunds' Drury and its other analysts looked deeper into the rise in consumers willing to pay $1,000-plus in new-vehicle monthly payments.
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