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Page added on March 31, 2006

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Stupid auto financing tricks

New car buyers are taking out longer and longer loans to finance their vehicle purchases, according to data from the Consumer Bankers Association. More than half of new car loans made by the group’s member institutions were for five years or longer. That marks the first time that most new car loans have been written for more than five years, the group said. The biggest jump was in six-year loans.

“They want more car, they want more luxury and they’re stretching out their loans,” said Jack Nerad, editorial director at Kelley Blue Book and author of the “Complete Idiots Guide to Buying or Leasing a Car.”
Prices for vehicles of the same size with the same features have actually been going down in recent years, but buyers are purchasing larger vehicles with more luxury features, said Paul Taylor, chief economist for the National Automobile Dealer’s Association


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