Consumers Returning to Extended Car Loans, Again

 

With the economy improving and many folks still reeling from what some economist almost deemed as the Great Recession, consumers are back to stretching out the terms of their car loans, again. According to the Detroit News, so far this year, 30 percent of new-car loans are being expanded from 6 to 10 years. While doing this offers consumers the ability to drive away with more car than they would necessarily afford or allow payment sensitive customers to have lower monthly notes. There are warning signs buyers should heed, before getting worked into one of these 'car mortgages,' as we termed it a few years ago for an article we wrote for Black Enterprise magazine.

Auto Insurance: Myths And Realities

Two years ago, the editor, Jeff Fortson, wrote an article which appeared in Black Enterprise Magazine dealing with the myths and realities of auto insurance. If you haven't shopped your insurance coverage recently, you may find that you are paying too much.

Auto insurance coverage can be costly. The average annual expenditure for auto insurance came to $785 in 2009 (the most recent data available at the time the article was printed), but premiums can sometimes cost thousands. That same year, the highest average expenditure, in Washington, D.C., came to $1,128, according to the National Association of Insurance Commissioners. You've probably heard the myths out there about what lowers insurance premiums and what doesn't. Here's the truth about four auto insurance myths.

Myth: Red cars cost more to insure.

Auto insurance coverage can be costly. To read the article in its entirety, click here.