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.
Monday, June 17 2013 8:03 AM EDT2013-06-17 12:03:25 GMT
We all get excited about leaving town and going on vacation, so we tend to tell everyone about it. But, a word of caution before spreading the good news.
We all get excited about leaving town and going on vacation, so we tend to tell everyone about it. But, a word of caution before spreading the good news.
Monday, June 17 2013 7:13 AM EDT2013-06-17 11:13:04 GMT
Pomegranate juice has been sold as a real 'cure-all' over the last couple of years. But in a decision made this month, the FTC has ordered at least one manufacturer to back off on its strong health claims.
Pomegranate juice has been sold as a real 'cure-all' over the last couple of years. But in a decision made this month, the Federal Trade Commission has ordered at least one manufacturer to back off some pretty strong health claims.
Friday, June 14 2013 8:56 AM EDT2013-06-14 12:56:09 GMT
Retailers got the go-ahead to pass along some extra charges to you, but not without some rules attached. You might not have noticed them just yet, but you should be on the lookout.
Retailers got the go-ahead to pass along some extra charges to you, but not without some rules attached. You might not have noticed them just yet, but you should be on the lookout.
Thursday, June 13 2013 3:29 PM EDT2013-06-13 19:29:22 GMT
A man once hailed as a military hero was arrested on Wednesday. Former Holly Springs Police Officer Shane Ladner is accused of tricking people into thinking that he received a Purple Heart for being wounded in battle.
A man once hailed as a military hero was arrested on Wednesday. Former Holly Springs Police Officer Shane Ladner is accused of tricking people into thinking that he received a Purple Heart for being wounded in battle.
Wednesday, June 12 2013 11:36 PM EDT2013-06-13 03:36:50 GMT
Tonight at 10, FOX 5 I-Team reporter Randy Travis shows how long it took a local sheriff to finally arrest a repeat horse abuser – even after state inspectors had spent years trying to stop the abuse!
Tonight at 10, FOX 5 I-Team reporter Randy Travis shows how long it took a local sheriff to finally arrest a repeat horse abuser – even after state inspectors had spent years trying to stop the abuse!
Wednesday, June 12 2013 9:07 AM EDT2013-06-12 13:07:42 GMT
You may have noticed – or, at least heard – that mortgage rates are starting to inch up again. The I-Team's Dana Fowle is here to help you understand what this change means for home buyers right now.
You may have noticed – or, at least heard – that mortgage rates are starting to inch up again. The I-Team's Dana Fowle is here to help you understand what this change means for home buyers right now.
Wednesday, June 12 2013 6:59 AM EDT2013-06-12 10:59:03 GMT
The Better Business Bureau always takes a look back at the previous year, and compiles its top 10 scams list.
The Better Business Bureau always takes a look back at the previous year, and compiles its top 10 scams list. According to the I-Team, the list are schemes that have been around as long as the BBB, 100 years. The only thing different is the technology.
Tuesday, June 18 2013 5:56 AM EDT2013-06-18 09:56:03 GMT
Eager to cash in on the recent run of good news about the Stock Market, but you don't know how to get started? Here's how!
Eager to cash in on the recent run of good news about the Stock Market, but you don't know how to get started? Good Day Atlanta goes to the pros for answers!
Monday, June 17 2013 12:05 AM EDT2013-06-17 04:05:45 GMT
The loyalty cards on customer's key chains may be going out of fashion making way for the loyalty apps. There is a new one that has hit Atlanta called Front Flip.
The loyalty cards on customer's key chains may be going out of fashion making way for the loyalty apps. There is a new one that has hit Atlanta called Front Flip.
Friday, June 14 2013 8:56 AM EDT2013-06-14 12:56:09 GMT
Retailers got the go-ahead to pass along some extra charges to you, but not without some rules attached. You might not have noticed them just yet, but you should be on the lookout.
Retailers got the go-ahead to pass along some extra charges to you, but not without some rules attached. You might not have noticed them just yet, but you should be on the lookout.
Thursday, June 13 2013 7:16 AM EDT2013-06-13 11:16:10 GMT
You might think saving the environment has to cost a lot of money. But, Good Day Atlanta's Tacoma Perry found way to go green and save green at the same time.
You might think saving the environment has to cost a lot of money. But, Good Day Atlanta's Tacoma Perry found way to go green and save green at the same time.
Wednesday, June 12 2013 10:07 AM EDT2013-06-12 14:07:03 GMT
Earlier this year, FOX's Steve Noviello brought you some of the coolest new gadgets around from the Consumer Electronics Show. So which ones made the cut?
Earlier this year, FOX's Steve Noviello brought you some of the coolest new gadgets around from the Consumer Electronics Show. So which ones made the cut? He joined Good Day to tell us which ones are hitting store shelves near you.
Tuesday, June 11 2013 8:03 AM EDT2013-06-11 12:03:28 GMT
According to The Brookings Institute, Atlanta's suburbs are the most impoverished areas in the country, but one agency continues to be the place where families can find help.
According to The Brookings Institute, Atlanta's suburbs are the most impoverished areas in the country, but one agency continues to be the place where families can find help.
