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

Kia’s Sorento midsize sports utility vehicle is reaching its mid-cycle for the 2018 model year. Thus, its fans, enthusiasts and satisfied customers are expecting the Sorento to receive an update...
by - July 22, 2017
The Lotus Evora Sport 410 astonished the world after arriving as the more powerful and lighter edition of the already impressive Evora 400. Now, Lotus Cars is throwing in another...
by - July 22, 2017
The Europe-bound WRC hatch developed by Toyota and Gazoo Racing team will be limited to just 400 examples as reported by AutoCar this week. Otherwise known as Gazoo Racing Masters...
by - July 21, 2017
Even cops get excited when they’re assigned to drive the best cars in the market. In Austria, police officers drive around in a Porsche 911 Carrera while in Milan, authorities...
by - July 21, 2017
Subaru has already announced that the all new Impreza will be out by fall this year. The 2018 model year not only gets a number of new upgrades, but it...
by - July 21, 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