The Truth About 84-Month Car Loans: Smart Move or Financial Trap?

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Car buying has never been more complicated - or more expensive. The average new car price has climbed to nearly $49,000, compared to just under $34,000 a decade ago. Car dealers are quick to provide an answer: the 84-month car loan. It sounds simple at first, but it’s a trap. Spread across seven years, the monthly payments shrink to a number that feels manageable to most people. A $50,000 vehicle suddenly seems affordable when the cost is sliced into smaller installments, but is this really a smart solution, or does it carry consequences that can trap buyers in years of financial frustration?

The rise of 84-month loans is no accident. Dealerships benefit enormously from pushing buyers into longer financing terms.

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