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Today’s consumer tip: Pay off your auto loan as soon as possible

Honda Accord 10443

More and more consumers are deciding to take more than the traditional four years to pay off their auto loans, with the average new car loan taking 67 months to pay off.

It will cost you more money in interest if you stretch out your auto payments and you’ll also pay a higher interest rate.

Financial columnist Michelle Singletary recommends if you can’t afford the monthly payment under the traditional 48-month financing, you can’t afford the vehicle.

See her article “When It Comes to Car Loans, It Pays to Stay in the Fast Lane” for more information.

Copyright 2014, Rita R. Robison, Consumer Specialist

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