The traditional “20/4/10 rule” of car buying states
that you should make a 20% down payment,
have a loan no longer than four years, and a
total monthly car budget that does not exceed
10% of your take-home pay. But the reality is
only 6% of new car shoppers actually followed
that advice in March, according to sales data.
The average loan term for a new or used car has
steadily increased over the last decade and is
now about 70 months.
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