Introducing the 97-month car loan (via Yahoo! News)
We wonder what is happening to the wealth of the middle class? Part of it is certainly attributable to bad financial decisions like taking out a 97 month car loan! That means it will be 8 years before you own that vehicle…which means it will be worth very little money by the time it's yours and will add almost nothing to your net worth as an asset. If you can't afford a down payment with a loan of 48 months or less, you should find a cheaper car. Better still, save up the cash and use your money to sign the deal instead of borrowing the money to do it. Your decision making process will be very different if you do. – Eric