It's easy to shrink a monthly payment. Just stretch out the loan, right? Taking a five or six year loan instead of a three or four year loan always makes the payments easier to swallow, but you'll end up paying more money in the end.
You also increase the risk that you'll end up "upside down" in your car when you decide to trade it in or sell it. (That means you still owe more on the car than it's worth.)
These sorts of extra-long loans are becoming less common as credit markets remain relatively tight, according to Phil Reed, consumer advice editor for the automotive Web site Edmunds.com. Banks and finance companies just aren't as willing to lend money for six years as they used to be.
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