Let us say you buy a car for $45,000 before taxes & license, out the door that is more like $50K
Monthly Payments Based on Term of Loan
36 months: $1,369
48 months: $1,057
60 months: $870
72 months: $746
84 months: $657
Look at how you end up paying 22% more on a 6% car loan for 7 years or 84 months
48 months: $50,728
60 months: $52,199
72 months: $53,696
84 months: $55,220
That means a rich person can walk win with $45K in cash, drive off with the new car.
If you have a payment, you are going to pay up to $10,000 more in interest charges, so the poor person who has to finance the car ends up getting hosed or ripped off & paying way more.
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