Buyers attracted by 144 monthly payments to buy their dream car

Article by Christian A., on March 25, 2014

There is nothing unusual about a car loan which payoff lasts for a few years. But have you ever heard of 12-year car loan? That may sound unusual and crazy, but such loan terms exist. Consider the case of a business consultant who was afforded with a 144-month loan – equivalent to 12 years – when he purchased a $300,000 Aston Martin from a dealership in the United States in February.

His case may be unusual, they it doesn’t worry the people who watch the health of automotive credit. Melinda Zabritski, senior director of automotive credit for Experian Automotive, told Automotive News that loans that long few and far between. She noted such loans are typically afforded to wealthy people with high credit scores buying expensive vehicles.

"Those are people who pay their bills," Zabritski noted. A staffer at the Aston Martin dealership disclosed that the buyer is indeed a successful businessman who made a huge down payment. The staffer said that stretching the amount financed over 144 months provided additional flexibility that the wealthy customer appreciated. Likewise, the customer does not intend to pay off the loan in 12 years; he plans to pay it off early. [source: automotive news - sub. required]

If you liked the article, share on:

Comments

Recommended

Hyundai is introducing a new 2018 Accent that is not only wider and longer, but is now also sporting a new look that is more serious than the previous model....
by - February 20, 2017
Fans and enthusiasts of the BMW M2 in the United States could now rejoice. This comes as their favorite BMW M2 is getting a limited edition version as prepped by...
by - February 20, 2017
Carmakers usually leave us thirsty for information on whether they would introduce a new, refreshed or face-lifted vehicle and on when they intend to launch it. There are reasons for...
by - February 20, 2017
Cadillac’s CT6 full-size prestige-luxury sedan is still somewhat new. It has been offered to the global auto market for two model years – 2016 and 2017. But for those who...
by - February 19, 2017
In many industries, it is the rivalries that make things exciting. In basketball for example, there is the well-known rivalry between the Los Angeles Lakers against the Boston Celtics. For...
by - February 19, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries