March 24, 2014
Car loan terms are now getting incredibly long
It seems special loans for very expensive automotive purchases are here. And by special, we mean incredibly long. Like, 12 years long.
However, these loans are not for everyone, and are mainly going to those who are wealthy, with high credit scores, who pay their bills.
Automotive News is reporting on one instance where a businessman purchased a brand new Aston Martin on a 144 month loan, albeit with a hefty down payment to get everything started. He plans to pay off the loan well ahead of time, but he said it offers him ‘flexibility’ in how he plans to accomplish it.
And we thought 96 month loans were long. But, hey, if you want that Aston Martin and have a good credit rating, there may just be a solution, and a willing lender, out there for you.