By Eve 
Americans are feeling the squeeze, and they’re stretching car payments like never before—84-month loans are now the go-to move for folks scrambling to keep up with sky-high everyday costs. Refinancing outfits, like Caribou, say seven-year terms are flying off the shelves this year, hitting record demand. It’s no shocker: with inflation gnawing at paychecks and medical bills piling up, desperate households are clawing for breathing room.
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Trading a shorter loan for extra years might trim $150 off monthly bills, which sounds sweet when groceries and rent bleed you dry. Caribou’s data shows drivers are raiding their auto equity just to stay afloat, prioritizing survival over long-term math. But here’s the ugly truth: extending that leash means coughing up way more in interest. Yeah, your payment shrinks, but the total cost balloons—like paying twice for the same ride.
Take a $35,000 car at 9% interest. Stick to four years, and you’ll fork over $6,800 extra. Stretch it to seven? Congrats, your monthly drops to $563, but you just signed up for $12,000 in interest. That’s highway robbery, and worse, your wheels could be worthless before you even own ‘em.
Still, when the wolf’s at the door, logic takes a backseat. For plenty of families, a few extra years on the loan feels like the only lifeline left—even if it’s really just digging the hole deeper. Desperate times, desperate terms.
Shawn Henry