If one understands the "Great American Syndrome" of financing it doesn't take much to figure out why vehicles are up.
According to Financial Expert Clark Howard who has a weekly radio station he was shocked a month or so ago when the Government came out with the new stats on vehicles & financing.
The average new car loan (includes trucks) is 66 months. The average down payment is less than 5%.
Problem: in order to stay solvent on a new vehicle... 1) the down payment needs to be 20% or more, & 2) the payment needs to be 42 months or less, even on a $50,000 vehicle! 3) If You don't carry gap Insurance, & the vehicle is totaled that will get You in real trouble fast. You need to pay off the loan, & buy a new vehicle at the same time, & the loan company isn't about to give You a new loan without the payoff! Clark said this is the new housing crisis, & its a matter of time before a crash. 4) Banks are loaning longer terms than ever before! 84 months at my Credit Union!!! + Loans up to 7 model years old. 5 years ago it was 5 model years. If You get even a 5 year loan on a 7 year old vehicle it will be 12 years old before its paid off!
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Today's Featured Article - Threshin Demonstration - by Michael Delaney. Introduction I bring you greetings from Prince Edward Island, Canada. We are Canada�s smallest province but big on farming. Maybe you�ve heard of us. Potatoes are our biggest crop. However, there is lots of mixed farming here also. I have a small mixed farm with 25-30 cattle. I make very good use of old machinery. I have a 135 MF Diesel, Farmall H and 1/3 share in an Allis B. I have complete lines of tillage and harvest equipment, and a saw gear etc. I have everything one would
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