More and more car buyers are doing something that was frowned upon not that many years ago. They're taking out car loans lasting seven years. Is it worth it?
If you take out a car loan lasting seven years, it will take you nearly two presidential terms to pay off that car. During that period, you're also paying a lot more interest at a higher interest rate.
In days gone by, a loan like that carried interest that was just too high. According to the Wall Street Journal, the rates for seven-year car loans are going down, so the interest in longer loans is going up.
The good news is smaller car payments, in some cases you could a $100 dollars less than what you are paying now. With lower payments, you could get a nicer car.
But the big pitfall is still about money. You're going to pay a lot more for the car. Not a little bit more, but thousands more.
Keep in mind how long you keep a car. An auto broker the I-Team talked to says most people change cars every three years. If that sounds like you and you have a seven-year loan, you still owe a bunch of money on that car you're trying to sell.
It may have you wondering whether that extra money in your pocket every month is really worth it.
Friday, May 17 2013 6:31 PM EDT2013-05-17 22:31:42 GMT
For decades, Atlantans have woken up to Tom Sullivan on their radios. But you might not know that he's also somewhat of an expert eBay seller, and he's got quite a story to tell.
For decades, Atlantans have woken up to Tom Sullivan on their radios. But you might not know that he's also somewhat of an expert eBay seller, and he's got quite a story to tell.
The FOX 5 I-Team found a pattern of payments and perks to one family by the local district attorney's office, and it's a pattern that has critics crying favoritism.
The FOX 5 I-Team found a pattern of payments and perks to one family by the local district attorney's office, and it's a pattern that has critics crying favoritism.
Wednesday, May 15 2013 10:32 PM EDT2013-05-16 02:32:39 GMT
A local man says Atlanta Mayor Kasim Reed and Reed's ex-girlfriend got him fired from his city job. The man told the FOX 5 I-Team about the federal whistleblower lawsuit he's filed and why he wants the city to pay up.
A local man says Atlanta Mayor Kasim Reed and Reed's ex-girlfriend got him fired from his city job. The man told the FOX 5 I-Team about the federal whistleblower lawsuit he's filed and why he wants the city to pay up.
Wednesday, May 15 2013 6:39 AM EDT2013-05-15 10:39:34 GMT
Summer is a break for kids, but you still need to keep them busy. So you sign them up for camp, hoping to keep the kids entertained at a safe camp and all at an affordable price.
Summer is a break for kids, but you still need to keep them busy. So you sign them up for camp, hoping to keep the kids entertained at a safe camp and all at an affordable price.
Wednesday, May 15 2013 5:04 AM EDT2013-05-15 09:04:58 GMT
The amount of money many of us pay in taxes in a given year is often times larger than any purchase we'd make. Where does that really money go? Well, there is a way to find out.
The amount of money many of us pay in taxes in a given year is often times larger than any purchase we'd make. Where does that really money go? Well, there is a way to find out.
Monday, May 13 2013 10:41 PM EDT2013-05-14 02:41:06 GMT
Some $5 billion in Medicare money each year goes to pay for ambulance rides to a doctor. An industry insider claims a lot of those rides are a waste of your tax dollars.
Some $5 billion in Medicare money each year goes to pay for ambulance rides to a doctor. An industry insider claims a lot of those rides are a waste of your tax dollars.
Monday, May 13 2013 6:56 AM EDT2013-05-13 10:56:00 GMT
It's pretty normal these days when you're apartment hunting to be asked to pay an application fee. Those fees can be pretty steep, and can be at least $50 for every application.
It's pretty normal these days when you're apartment hunting to be asked to pay an application fee. Those fees can be pretty steep, and can be at least $50 for every application.
Monday, May 13 2013 6:48 AM EDT2013-05-13 10:48:33 GMT
We're always talking about the benefits of good credit when you make a big purchase. But, what if you don't have good credit and still need to buy a car?
We're always talking about the benefits of good credit when you make a big purchase. But, what if you don't have good credit and still need to buy a car?
Friday, May 10 2013 8:24 AM EDT2013-05-10 12:24:28 GMT
There is a businessman in metro Atlanta making quite a name for himself for computer repairs. But not for his great work, but rather for work that never gets done.
There is a businessman in metro Atlanta making quite a name for himself for computer repairs. But not for his great work, but rather for work that never gets done.
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Wednesday, May 15 2013 5:41 AM EDT2013-05-15 09:41:00 GMT
The recession hasn't spared any age group, but it's been especially hard on seniors. More and more Americans 62 and older are turning to reverse mortgages to supplement their cash. But is it right for you?
The recession hasn't spared any age group, but it's been especially hard on seniors. More and more Americans 62 and older are turning to reverse mortgages to supplement their cash. But is it right for you?
Wednesday, May 15 2013 5:04 AM EDT2013-05-15 09:04:58 GMT
The amount of money many of us pay in taxes in a given year is often times larger than any purchase we'd make. Where does that really money go? Well, there is a way to find out.
The amount of money many of us pay in taxes in a given year is often times larger than any purchase we'd make. Where does that really money go? Well, there is a way to find out.
Monday, May 13 2013 6:56 AM EDT2013-05-13 10:56:00 GMT
It's pretty normal these days when you're apartment hunting to be asked to pay an application fee. Those fees can be pretty steep, and can be at least $50 for every application.
It's pretty normal these days when you're apartment hunting to be asked to pay an application fee. Those fees can be pretty steep, and can be at least $50 for every application.
Wednesday, May 8 2013 10:01 AM EDT2013-05-08 14:01:02 GMT
Do you recall that New Year budget resolution you made? Do you even remember what it was? Did you even make one? Fox Consumer Reporter Steve Noviello says fear not, there is still time to reset your resolution.
Do you recall that New Year budget resolution you made? Do you even remember what it was? Did you even make one? Fox Consumer Reporter Steve Noviello says fear not, there is still time to reset your resolution or even set up a budget.
