More and more car buyers are doing something that was frowned upon not that many years ago. They're taking out car loans lasting seven years. Is it worth it?
If you take out a car loan lasting seven years, it will take you nearly two presidential terms to pay off that car. During that period, you're also paying a lot more interest at a higher interest rate.
In days gone by, a loan like that carried interest that was just too high. According to the Wall Street Journal, the rates for seven-year car loans are going down, so the interest in longer loans is going up.
The good news is smaller car payments, in some cases you could a $100 dollars less than what you are paying now. With lower payments, you could get a nicer car.
But the big pitfall is still about money. You're going to pay a lot more for the car. Not a little bit more, but thousands more.
Keep in mind how long you keep a car. An auto broker the I-Team talked to says most people change cars every three years. If that sounds like you and you have a seven-year loan, you still owe a bunch of money on that car you're trying to sell.
It may have you wondering whether that extra money in your pocket every month is really worth it.
Friday, May 24 2013 6:15 AM EDT2013-05-24 10:15:00 GMT
Some of the greatest damage from Hurricane Sandy was to cars from the flooded streets and garages, and some of those automobiles are expected to trickle into the automobile market.
Some of the greatest damage from Hurricane Sandy was to cars from the flooded streets and garages, and some of those automobiles are expected to trickle into the automobile market.
Thursday, May 23 2013 12:56 AM EDT2013-05-23 04:56:30 GMT
The FOX 5 I-Team has learned that Douglas County District Attorney David McDade is personally asking the GBI to investigate how money is spent in his office.
The FOX 5 I-Team has learned that Douglas County District Attorney David McDade is personally asking the GBI to investigate how money is spent in his office.
Wednesday, May 22 2013 10:42 PM EDT2013-05-23 02:42:27 GMT
What do major hotel chains, the IRS, and the business partner of a top rapper have in common? Court records show the National Conference of Black Mayors owes all of them money. Big money.
What do major hotel chains, the IRS, and the business partner of a top rapper have in common? Court records show the National Conference of Black Mayors owes all of them money. Big money.
Wednesday, May 22 2013 9:56 AM EDT2013-05-22 13:56:24 GMT
Americans are known for their pearly whites, but we pay for it—and it isn't cheap.
Americans are known for their pearly whites, but we pay for it—and it isn't cheap. If you have more than one child who needs braces, you have quite an expense on your hands—but FOX 5 I-Team reporter Dana Fowle found some ways to make it a little more manageable.
Monday, May 20 2013 11:12 PM EDT2013-05-21 03:12:38 GMT
The Douglas County district attorney used seized drug money to take support staff to a north Georgia training conference designed for prosecuting attorneys.
The Douglas County district attorney used seized drug money to take support staff to a north Georgia training conference designed for prosecuting attorneys. The FOX 5 I-Team followed along and found the four women didn't even register to attend the conference.
Monday, May 20 2013 6:44 AM EDT2013-05-20 10:44:05 GMT
Maria Boudet is a teen who had been living in foster care. She worked hard and earned a college scholarship. But the scholarship was revoked when Boudet's life-long wish was answered; she was adopted.
Maria Boudet is a teen who had been living in foster care. She worked hard and earned a college scholarship. But the scholarship was revoked when Boudet's life-long wish was answered; she was adopted.
Friday, May 17 2013 6:31 PM EDT2013-05-17 22:31:42 GMT
For decades, Atlantans have woken up to Tom Sullivan on their radios. But you might not know that he's also somewhat of an expert eBay seller, and he's got quite a story to tell.
For decades, Atlantans have woken up to Tom Sullivan on their radios. But you might not know that he's also somewhat of an expert eBay seller, and he's got quite a story to tell.
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Friday, May 24 2013 4:02 AM EDT2013-05-24 08:02:00 GMT
A North Carolina dairy company is voluntarily recalling some ice cream that doesn't identify possible allergens because the product is packed in the wrong containers.
A North Carolina dairy company is voluntarily recalling some ice cream that doesn't identify possible allergens because the product is packed in the wrong containers.
Thursday, May 23 2013 7:31 AM EDT2013-05-23 11:31:33 GMT
You've probably been to a yard sale or two in your life, and you might have found some great deals. But would you know how to get the most out of your own yard sale?
You've probably been to a yard sale or two in your life, and you might have found some great deals. But would you know how to get the most out of your own yard sale? Good Day's Tacoma Perry talked to an expert who shared some great tips for how to make your yard sale a huge hit.
Wednesday, May 22 2013 12:39 PM EDT2013-05-22 16:39:03 GMT
Gov. Nathan Deal says a company based in Dubai plans to build a manufacturing plant in Murray County with the goal of creating 200 jobs over the next three years.
Gov. Nathan Deal says a company based in Dubai plans to build a manufacturing plant in Murray County with the goal of creating 200 jobs over the next three years.
Yahoo is buying online blogging forum Tumblr for $1.1 billion as CEO Marissa Mayer tries to rejuvenate an Internet icon that had fallen behind the times.
After falling woefully out of fashion, Yahoo wants to be cool again while catering to the capitalistic demands of its shareholders. That goal led CEO Marissa Mayer to make a $1.1 billion bet on online blogging forum Tumblr...
