
The Seven-Year Auto Loan: America’s Middle Class Can’t Afford Its Cars - laurex
https://www.wsj.com/articles/the-seven-year-auto-loan-americas-middle-class-cant-afford-their-cars-11569941215?mod=rsswn
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qasimzafar
America's middle class isn't opting for home mortgages either - it has to do
with not just affordability but with not wanting to be tied into long-term
contracts in an increasingly unstable and dynamic economy. Main Street Revival
is also banking on this trend for homes, as customers increasingly just rent.
Here's a good read on the trend: [https://fortune.com/longform/single-family-
home-ai-algorithm...](https://fortune.com/longform/single-family-home-ai-
algorithms/)

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wyclif
If Americans are really signing seven-year loans for cars, something is very,
very wrong. It seems to me that we need to do more to help people get their
credit score high enough where they won't have to sign such financially
disastrous loans. Help is available via free credit counselling.

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toomuchtodo
Getting your credit score higher doesn’t reduce vehicle prices or increase
wages, which is what is required to have shorter term loans. A combination of
high vehicle prices and low wages is what creates the need for longer term
loans to get the monthly payment down.

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lgats
[https://www.fullwsj.com/articles/the-seven-year-auto-loan-
am...](https://www.fullwsj.com/articles/the-seven-year-auto-loan-americas-
middle-class-cant-afford-their-cars-11569941215?mod=rsswn)

