Never, under any circumstances, go for the 7-year or 10-year car loan.

So many of us have grown accustomed to seeing these longer loans offered by dealers and even commercial banks. These are truly horrible for consumers and only serve to make the banks richer and enrich too many A-holes in the car industry.<br><br>And yes, the rise of leasing as another means of getting you into a more expensive car is also nothing but a scam.<br><br>Not only will the bank likely charge higher rates, but with longer loan terms, a larger percentage of your payments during the initial years will be going to interest rather than principal.<br><br>If you really need a car and can't afford to wait, reconsider your life choices and see if there's other options, like a bus.