The average new car loan in San Diego and Imperial counties is growing. Consumers are compensating by stretching out their loans over longer periods. But that means more interest and a higher chance they'll owe more than their car is worth.
Over the past years, Felipe Arevalo has noticed something concerning. He’s a community outreach coordinator for San Diego Financial Literacy, and when he reviews people’s budgets he sees one cost creeping higher and higher: car payments.
The number of people who miss a monthly payment is still low, but the number is increasing. And those delinquencies are more likely with longer loans, said Hisham Foad, chair of the San Diego State University Economics Department. Car owners should review their budgets for items they might be able to cut, like a streaming subscription.
“It'll help with down payment and it'll also prove to yourself that you have the ability to take on this new debt,” he said. “Just because you're approved for a certain amount doesn't mean your budget can handle it.”
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