Infographic: Think beyond the monthly payment

From Financial Consumer Agency of Canada

Think beyond the monthly payment infographic
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

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*Source: Financial Consumer Agency of Canada (March 2016), "Auto Finance: Market Trends"

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