Americans are struggling to pay off their car loans. Three charts explain why | CNN Business

You’ve managed to buy the car, but can you afford to keep paying for it? , with the average monthly payment on a new car at an all-time high, new data from auto website Edmunds shows. The result of the one-two punch of higher prices and interest rates is that it’s taking Americans much longer to pay off their car loans — which include crossovers, SUVs and pickup trucks — and more buyers are being pushed out of the car market altogether.

Most $1,000 per month car loans are taken out by people who choose high-interest, longer-term loans. Rising car prices and the growing difficulty to qualify for lower interest rates have forced buyers to stomach a heftier monthly bill over a longer period of time — as long as seven years — for a lower down payment up front. In 2004, only 1% of auto loans lasted six to seven years. Now those long-term loans are 30% of the market. Only 5% of loans are paid off in two-and-a-half to three years.

Isn’t the interest rate based on your credit score?

Thanks JOE BIDEN

Back in the Reagan years, I paid 13.74 % home mortgage interest ! And that was with 25% down !

Good work Joe. Imagine if ppl could afford to buy things? We certainly don’t want that. The Party will provide.

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HiddenSecretsInQuran IBADIHI KHABIRA (KABIRA)' Quran Sharif - Surat Al Furqan 25: 58- Have faith in God Kabir, who is eternal.Sing His sacred glory with praise, that Kabir Allah is worthy of being worshipped. Allah Kabir

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Christ almighty, we’ve had near zero interest rates for way too long.

Hopefully it’s mainly Biden voters that need a car.

🎯संत रामपाल जी महाराज जी का उद्देश्य है वी युवाओं का नैतिक व आध्यात्मिक उत्थान हो। हर व्यक्ति ईमानदारी से कार्य करे। कोई किसी को ठगे नहीं। 📲 अधिक जानकारी के लिए Satlok Ashram YouTube Channel Visit करें।

THIS....And the president wants to send people back to the office. High everything, but let's make people even poorer,buy having to pay more for cars, gas and everything that comes along with that.

मानुष जन्म पाय कर नहीं रटे हरि नाम। दूविधा मे दोनों गये माया मीलि न राम।।

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