U.S car buyers take out longer loans

Kyrgyzstan News.Net
Friday 15th February, 2008

Longer loans are being offered to car buyers to counter an anticipated slow down in U.S car sales.

Toyota is now offering up to 84 months amortization and GMAC is considering offering a 102 month deal.

Financiers say people who take the longer terms are the type who wait until a car is worn out before seeking a replacement or those who are not financially solid and are looking for low monthly instalments.

The average car depreciates mostly over the first three years.

After 36 months it can normally only be sold for half its purchase price.

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