OMG, does that bring back memories. I recall as a teen, my parents decided to "move up" to a new car instead of the "good used cars" that were the norm in the family but in order to swing it, they had to go with the newly available 18 month financing. Not only was this a "new experience" but also one they were not too proud of and it was an unspoken "family secret" that they had to finance for 18 months. How times have changed............
I can remember when it was common to get a three year car loan. But, if you really had to stretch, you would get a four year loan. Now, seeing 7 year loans or 5 year leases is common.
This subject makes me thing we don’t educate young people very well about how to handle money, how and when to borrow money for big purchases, etc.