NerdWallet: Car buyers stretch loan payments to record lengths to get in pricier vehicles

This article is reprinted by permission from NerdWallet.

You have your heart set on that hot new sport coupe with alloy wheels and a sunroof but the monthly payments just won’t fit in your budget. The salesman sighs sympathetically, and then says, “I have an idea of how to make this work.”

He recommends a 72- or 84-month loan. The down payment remains the same but the payment’s a bit lower. As he talks, you begin to picture the coupe in your garage and showing it off to your friends.

But wait just a second! Cancel the daydreams.

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