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Tag Archives: new Honda Civic

6 Year Loan For a Honda Civic!

6 month car financing

I guess I’m out of touch with many consumer issues these days. We haven’t financed anything other than real estate in over 5 ¬†years, so I’m not hip on the going rates. I was looking at a newspaper last week and my bottom lip hit the floor when I saw an ad promoting a six year loan payment of $272 per month for a new Honda Civic! What is the world coming to? Long Term Payments Are Nothing New Vendors ¬†have been offering extended term monthly payments for years. It doesn’t matter what the sticker price is as long as you make the payments low enough for consumers to think they can afford it. We rationalized ourselves to this philosophy for years. The problem is that once you owe lots of money and have payments, adding a few more seems like no big deal. It’s no big deal until you wake up one day and realize all of your salary is going toward monthly payments. Car payments used to be no longer than 5 years. If you couldn’t pay off the car in that amount of time, you couldn’t afford it. Then, in the mid 2000’s dealerships started offering longer ...

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