A 15 year car loan is excessive.I would consider the 50 year mortgage as a first time buyer though.unusual_whales (@unusual_whales):The US Trump Administration is reportedly working on 15 year car loans.US President Donald Trump also posted yesterday regarding allowing 50 year mortgages. ...

Group 1: Car Loan Trends - The average loan for a new car in early 2025 was $41,720 at an interest rate of 6.73%, resulting in monthly payments of $745 over five years [1] - The average loan for a used car was $26,144 at an interest rate of 11.87%, leading to monthly payments of $521 over five years [1] Group 2: Legal Commitments in Car Purchases - Once a buyer signs a contract and makes a down payment, there is no legal cooling-off period, and the buyer is obligated to fulfill the agreement [4] - Losing a job does not constitute a valid reason for canceling the car purchase agreement, as the car begins to depreciate immediately after the title transfer [5] Group 3: Challenges in Cancelling Car Deals - Unwinding a car deal is complex, requiring the dealer to cancel financing, complete paperwork, and ensure the car retains its new status to avoid value loss [6] - The dealer must also refund any money from trade-ins, adding to the administrative burden of reversing a sale [6]

People will take out a 7-year car loan at 8% interest……but panic when their 401(k) drops 5% in a year. ...