Financing for family vehicles is one of the four main sources of debt for American consumers. It typically doesn’t cause as many problems as credit card debt and student loans, but like a mortgage it’s a debt that most people either have or aspire to have. What’s more, transportation costs are the second largest expense in the average household budget after housing costs. With that in mind, we’ve gathered the latest news on auto loans and other out-of-pocket transportation costs from insurance to fuel to help you cut car costs to get on the road without driving towards debt problems.
A new report finds long term auto loans are getting longer and longer, leading to more time in debt and higher costs due to added interest charges. Do borrowers really benefit from that commitment?..Read full article