Infographic: Think beyond the monthly payment
Text version - Infographic: Think beyond the monthly payment
$$The infographic “Think beyond the monthly payment” shows a man driving on a road that represents the car financing process.
Think beyond themonthly payment. Don’t let car debt slow you down!
Signage in front of auto dealer: GREAT DEAL! $365/MONTH*
Man (happy):I got a great deal on my new car! I'm only paying $365 a month over 96 months.
Buildings with signage: FUEL, INSURE CO., GARAGE
Man (concerned): Ouch! Loan payments are only part of my car expenses...
Signage in front of house: SOLD
Man (more concerned):Life changes fast. I need to trade in my car, but I owe more than it's worth.
Price tag on car: Loan balance: $23,400* Car value: $15,200*
Family in a van towing a car carrying package labeled "debt": Old loan + new loan = more debt
Man thinking:A long-term loan seemed like a good idea...but I really wish I had understood the risks!
Car financingis ajourney. Make sure you plan your trip well.
Your right: Full disclosure of the terms of your car loan.
Your responsibility: Understand the risks of longer-term car loans.
NO SURPRISES. canada.ca/it-pays-to-know #ItPaysToKnow
A message from the Financial Consumer Agency of Canada.
*Source: Financial Consumer Agency of Canada (March 2016), "Auto Finance: Market Trends"
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