Lunchtime Trivia Tuesday, October 23

Q:  When it comes to money, Canadians are 5 times more likely than Americans are to do this.  What is it?

A: Take out a long-term car loan.  84 months

More than half of all new car loans are currently financed for 84 months — seven years — or longer. Industry standard used to be to amortize car loans over 60 months — five years — but as low interest rates settled in, payment periods began to stretch longer and longer to make monthly payments as low as possible.

The figure has since inched down a little to 51 per cent as of September, Karwel says, but for comparison purposes less than 10 per cent of American car loans are stretched out over that long a period.

 

Source CBCnews

Image- Pexels.com

Posted in All Stories, Annoucer Blogs, Dave Creelman, Lunch Time Trivia Tagged with: , , , , ,

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