What are buyers thinking if they sign up for a 6 year car loan? The Consumer Financial Protection Bureau (that Republicans want to eliminate) reports that a rapidly growing number of vehicle loans are for terms of 6 years.
It never makes sense to borrow for more than a 2-3 year term to finance a vehicle. While it is best to pay cash for a depreciating asset, it can make sense to borrow a modest amount for a couple of years to build up one's credit record. Showing you can pay off a loan on a regular basis with no missed payments can be a good way for a young adult to build their credit history.
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