Can buying a new car be impacted by greedy home-lending practices the past two years?
Answer: you betcha, this could be one of the biggest stories nationwide
Recent media reports shed light into how lenders and consumers are reacting to the innumerable home foreclosures since late in 2006.
A Nation of Credit
For example, Automotive News reported that the average length of a new-car loan is 64 months, a considerable bump up from 2003’s 61-month loan average.
New car sellers are trying to tap into the market of consumers who are “payment driven,†meaning the monthly payment is more important to them than the overall cost of the car.